GLOBAL - GMO has opened a new office in Zurich, Switzerland and announced the incorporation of GMO in Singapore.
Alex Orus who joined GMO in November from State Street Global Advisors will manage the Zurich operation.
Orus said: “GMO has enjoyed broad success over the last two years offering investment solutions and the time is right for us to expand in Europe.
“We have just employed Jacques-Etienne Doerr, formerly of Julius Baer Asset Management, where he was responsible for business development in Italy. He will lead our business development in Switzerland, helping us to accelerate our Western European investor acquisition programmes.”
In Singapore, GMO has appointed Glen Howard, former managing director of Towers Perrin locally, to establish its presence in South East Asia. The group is also in the process of applying for investment licences from the Monetary Authority of Singapore.
GMO has US$27bn under management and other offices in Boston, London, San Francisco and Sydney.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.