UK - The £160m British Waterways (1990) Pension Fund has appointed Frank Russell Company to manage half of its assets.
Merrill Lynch Investment Managers has lost a balanced mandate and Britannic Asset Management an equities mandate as a result of the appointment.
The fund will invest £80m in Russell’s multi-manager equity and bond funds.
The British Waterways fund was advised by Watson Wyatt.
The Department for Work and Pensions (DWP) will develop and test new ways to include 4.8 million self-employed workers in pension savings.
Opt-out rates at the end of June 2018 "remained consistent" with levels before the April contribution rate increase, according the Department for Work and Pensions (DWP).
The Pensions Regulator (TPR) has appointed Charles Counsell as its new chief executive, who will take over from Lesley Titcomb next year.
The Financial Reporting Council (FRC) should be abolished and audit and advisory businesses should be split into separate entities to improve the sector for both savers and investors, two reports published today say.