ASIA - FRM opens offices in Hong Kong and South Korea; US - Northern Trust expands reporting tools; GLOBAL - HSBC rebrands asset management business; UK - Former Mercer staffer returns
Global fund of hedge funds group Financial Risk Management (FRM) has announced plans to significantly expand its Asian operations through new offices in Hong Kong and Seoul, South Korea. FRM's Hong Kong office will open in June 2008 and will be comprised of both investment and client service staff, while its Seoul office is planned to open in late 2008 to begin work on the process of obtaining licensing from the Korean regulatory authorities in 2009. FRM manages $15bn in assets for institutions and other sophisticated investors, including around 300 pension funds worldwide.
US - Northern Trust expands reporting tools
Northern Trust announced has expanded its array of reporting tools to support institutional investors in meeting new and complex requirements for corporate governance, financial disclosure, and regulatory filings in markets worldwide. It said new reports would help clients comply with higher standards for transparency in class action processing, taxation, investment risks and accounting practices.
GLOBAL - HSBC rebrands asset management business
The asset management business of HSBC is to be rebranded HSBC Global Asset Management. Previously known as HSBC Group Investment Businesses, which included HSBC Investments, it said the change, which will be made on 2 June, was to better reflect the breadth, strength and expertise of the business. All entities operating as HSBC Investments will adopt the new name, while Halbis, Liquidity and Multimanager will maintain their own identities and brands but be clearly endorsed as HSBC Global Asset Management businesses.
UK - Former Mercer staffer returns
Jon Exley is to return to Mercer from investment banking. Exley spent the last three years as a director at Barclays Capital Pension and Insurance Solutions Group, where he was a key member of the firm's pension fund advisory team. He will return to Mercer as a senior consultant in the firm's Financial Strategy Group - the team which specialises in giving integrated funding and investment advice to corporate and major trustee clients - on 1 July.
The directors of collapsed construction giant Carillion were "contemptuous" of funding their defined benefit (DB) pension schemes, and "refused to give an inch", Frank Field has alleged.
The PPF 7800 deficit was slashed in half last month as gilt yields rose. Victoria Ticha asks if this is the start of a longer trend
Frank Field is to warn Sir Philip Green not to sell his Arcadia business without ensuring defined benefit (DB) pensions are adequately protected, PP can confirm.
Some 79% of people would like to see stricter rules and checks to ensure pension pots are secure, according to a survey by the Pensions and Lifetime Savings Association (PLSA).