UK - Balanced managers have lost out in a major strategy switch by the £12bn Royal Bank of Scotland Pension Fund.
Gartmore Investment Management and Newton Fund Managers have both lost out with funds going to Alliance Bernstein, Baillie Gifford, Legal & General Investment Management, Standard Life Investments, State Street Global Advisors and Western Asset Management.
Gartmore chief executive Glynn Jones insisted: “The changes at RBS are not linked to our performance but are part of a broader trend to move to specialist managers.”
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.
This week's top stories included coverage of the much-anticipated defined benefit (DB) white paper and the sector's reaction.