UK - Custody giant JPMorgan Chase has acquired Citicorp Electronic Financial Services for $380m (£221.6m).
CEFS – which is part of financial services giant Citigroup – is a provider of government issued benefits payments.
JPMorgan expects to complete the acquisition during the fourth quarter. Executive vice-president Lori Hricik said: “This acquisition is an extension of our existing core cash management and payments business.”
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.