INCLUDING: UK - Resolution becomes Friends; AUSTRALIA - Property fund success; ASIA - Pakistan pulls in professional help; JAPAN - Nomura reports first quarter results
UK – Resolution becomes Friends
Friends Provident and Resolution have agreed terms to an all-share merger to create Friends Financial.
The new company’s assets under managements are set to reach a combined £165 million.
The merger is subject to shareholder, regulatory and other approvals.
AUSTRALIA – Property fund success
High inflows of superannuation cash has boosted interest in the Macquarie Direct Property Fund which has increased almost 200% in the 12 months to July 2007.
Macquarie has carried out much merger and acquisition activity over the past year to create a fund with more than AUS$200m in assets.
The fund returned 27.5% between June 2006 and July 2007.
ASIA - Pakistan pulls in professional help
The Securities Exchange Commission of Pakistan (SECP) has called in a pension regulation expert.
The individual will support the creation of a unified supervisory framework for occupational saving schemes.
Codes of conduct and prudent standards for trustees will also be addressed.
JAPAN - Nomura Holdings Inc has reported its consolidated financial results for the first quarter of the fiscal year ending 31 March 2008.
Net revenue for the first quarter was Y380.7bn (US$3.1bn) a 22.3% increase from the prior quarter and 84.9% year-on-year increase.
Income before taxes jumped 71.8% from the prior quarter to Y142.8bn (US$1.2bn) a more than fourfold increase over the same period last year.
The Next Generation Pensions Committee is on a mission to promote and encourage younger voices in the industry. Kim Kaveh looks at its key objectives
This week's top stories included an analysis finding the cost of equalising guaranteed minimum pensions in schemes could hit FTSE 100 profits by up to £15bn.
Employers whose dividend to deficit recovery contribution (DRCs) ratios fall outside the "normal range" should expect to see higher regulatory scrutiny, although no fixed ratio will be set.
Investment consultants and fiduciary managers should expect a final decision on the investigation into the market to be published by the end of the year, the competition watchdog says.