INCLUDING: UK - Hermes announces chief executive; UK - ABN AMRO launches Eco-Invest; UK - MetLife identifies pension gap
Rupert Clarke has been formally appointed chief executive of Hermes, after acting in the role for the past four months. His appointment came as Hermes created a specialist pension fund management team within the group, led by Nigel Labram, and announced a £50m investment programme in existing and new investment capabilities and support infrastructure. The investment is part of a strategy to develop Hermes' specialist asset management activities to create a multi boutique investment management business.
UK - ABN AMRO launches Eco-Invest
ABN AMRO's Eco-Markets group has created an in-house investment fund, Eco-Invest, to take advantage of new opportunities in climate change and environment-related investments. Eco-Invest aims to take advantage of strong investment returns from the clean technology investment market and to act as a facilitator of business for the bank in the context of product development. ABN AMRO's Eco-Markets team commissioned Mercer to undertake research into clean technology investment opportunities to support its initial investments. A total of six funds have so far been selected for investment, covering areas such as carbon credits, clean-tech and water. The fund's initial size is €200m (US$294.4m), with the potential for further growth based on performance.
UK - MetLife identifies pension gap
Analysis by financial services provider MetLife Europe has shown the average pensioner couple's income from private pensions is £7,696 - or £8,505 a year below the ideal of two-thirds final salary. Latest figures show the average salary per worker in the UK is £24,301. Ideally, a pensioner couple would have a combination of occupational and personal pensions delivering two-thirds of this, or £16,201. But pensioner couples receive just £7,696 from their private pensions, giving rise to a significant pension gap of £8,505.
Partner Insight: Members' evolving needs and expectations are driving changes in scheme administration. As the pensions landscape inevitably continues to change, how will your scheme's approach need to develop to keep pace?
The Pensions Regulator (TPR) is "working closely" with government contractor Interserve and the trustees of its defined benefit (DB) pension schemes, it has confirmed.
The industry has welcomed the Department for Work and Pensions' (DWP) consultation on defined benefit (DB) consolidation as a way to address scheme covenant issues.
BMO Global Asset Management has opened a UK fiduciary management business, promising a "truly open architecture" approach to deliver "better client outcomes".