INCLUDING: UK - TPR consults on TKU; US/UK - SSgA appoints global CIO; UK - Japan equities best placed to outperform; AUSTRALIA - Russell urges investors to hold steady
The Pensions Regulator has refreshed the trustee knowledge and understanding (TKU) framework and published a draft revised code of practice and scope guidance for consultation.
TPR said the consultation followed a review of the existing code of practice and scope guidance, undertaken to ensure the TKU framework remained relevant for trustees.
The 12-week consultation period ends on 31 December 2008.
US/UK - SSgA appoints global CIO
State Street Global Advisors (SSgA) has promoted Richard (Rick) Lacaille to a new role of global CIO.
Lacaille will manage SSgA's team of asset class CIOs including currency, fixed income, asset allocation, cash and equities.
He will also oversee SSgA's research and trading activities. Lacaille will continue to be based in London and reports to Scott Powers, president and CEO of SSgA.
UK - Japan equities best placed to outperform
Standard & Poor's Fund Services has reported fund managers are united in expecting Japan to outperform other developed markets.
It said the Japanese financial system had nothing like the same exposure to global credit problems as major western economies, especially the US and the UK.
Fund managers interviewed by S&P Fund Services pointed out Japan was attractive on a number of valuation metrics, including price/earning ratio, yield, return on equity and debt to equity.
AUSTRALIA - Russell urges investors to hold steady
Russell Investments director of superannuation Steve Schubert has warned investors who give up on equities risk missing a recovery that could help them recoup some of their current market losses.
He added the same was applying for investors who had held back from investing in equity markets in recent months.
He said when equity markets recovered, investors would miss out on potentially better returns, because they were overly invested in more defensive assets.
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).