INCLUDING: UK - Sweeney leaves Mercer to join Hewitt; AUSTRALIA - RBC Dexia custodian for AXA's superannuation platform; UK - Asset manager turnover rises; UK - Employee benefits failing
Hewitt Associates has appointed Andrew Sweeney as leader of the Corporate Pension Consulting team in its Leeds office. Sweeney joined after 28 years at Mercer Consulting where he was most recently a principal advising trustees, employers and individuals on a wide range of issues ranging from benefit design to risk management.
AUSTRALIA - RBC Dexia custodian for AXA's superannuation platform
RBC Dexia Investor Services has been appointed by AXA Australia to provide custody services for its new superannuation and pension platform called 'North'. RBC Dexia currently provides custody services for AXA Australia's 'Summit' and 'Generations' platforms.
UK - Asset manager turnover rises
Staff turnover in the UK's asset management industry has increased by over a third during the last year according to Investment Solutions. The number of staff changes at UK equity teams for the three year period to 30 June 2007 rose to 72%, compared to 51% between 2004 - 2006. This was blamed on a shift towards boutique structures, even within larger houses with teams from the same organisation at times competing for business.
UK - Employee benefits failing
Employers favour company pension and death in service as their top benefits at 93.1% and 72.4% respectively, according to Croner, a part of Wolters Kluwer UK. However, figures from the survey differed greatly for employees, with 80.4% of employees viewing the company pension scheme as important and 29.9% viewing death in service as a priority perk.
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.