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.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.