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.
Andy Tarrant says without government backing, the pensions dashboard cannot become the one-stop shop it's intended to be
'Not appropriate to comment'
Proposals for mandatory tendering of fiduciary management services, as well as additional guidance for trustees, have been welcomed by industry commentators albeit with some caution.
Sterling has fallen on the back of inflation figures released this morning, which show the UK Consumer Price Index (CPI) remained steady at 2.4% in June.