INCLUDING: CHINA - New Star appoints associate director; UK - HSBC renews mandate with Carmarthenshire; GLOBAL - IASB publishes amendments proposals; UK - BNY sole custodian to Co-operative Group; UK - PMI supports regulator's proposals on record keeping.
New Star International has announced the appointment of Kanise Chan as associate director - Greater China. Chan will be based in Hong Kong and will be responsible for institutional clients and retail funds distribution in Greater China. She will report to Francis Leach, director of sales, Asia. Prior to joining New Star in July 2008, Chan worked for HSBC Group, Bank of China International Holdings Limited, and most recently Credit Agricole Asset Management.
UK - HSBC renews mandate with Carmarthenshire
HSBC Securities Services (HSS) has been reappointed by Carmarthenshire County Council's Dyfed Pension Fund to continue providing it with global custody and cash management services for a further two years. The £1.1bn (US$2.15) Dyfed Pension Fund has had this agreement with HSS for 12 years.
GLOBAL - IASB publishes amendments proposals
The International Accounting Standards Board (IASB) today published for public comment a draft of proposed amendments to eight International Financial Reporting Standards (IFRSs). The proposals ranged from guidance added to the Appendix of IAS 18 Revenue, on how to determine whether an entity is acting as a principal or as an agent, to changes of wording to clarify the meaning and remove unintended inconsistencies between IFRSs. The IASB has asked for comment by 7 November 2008.
UK - BNY sole custodian to Co-operative Group
BNY Mellon Asset Servicing has been appointed to provide global custody and related services to the £5.3bn (US$10.3) Co-operative Group Pension (Average Career Earnings) Scheme (PACE). BNY Mellon will provide global custody, investment accounting, compliance monitoring, performance measurement, securities lending and commission recapture solutions. The company's relationship with the Co-op goes back more than 10 years.
UK - PMI supports regulator's proposals on record keeping
The Pensions Management Institute (PMI) has said it fully supports the Pensions Regulator's latest initiative on pension scheme record keeping. Margaret Nesbit, chair of PMI's external affairs committee, said: "The regulator has identified the very serious repercussions of not having accurate and up to date records and the advantages that can be gained from having robust record keeping procedures."
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.