UK - The £1bn Royal Insurance Group Pension Scheme has put all its assets up for tender.
But the scheme has denied reports that they will be managed by Barclays Global Investors – although the manager is understood to have won a large mandate.
The move follows the sale of Royal & SunAlliance Investments, which used to manage the assets in-house. R&SA’s investment arm was taken over by Friends, Ivory & Sime to form Isis Asset Management, which is now pitching for several of the mandates.
The Royal Insurance Group scheme is following the industry trend away from single balanced managers to the use of a range of specialist managers.
The pension fund’s trustees met this week in London and are expected to announce a decision by the end of the month.
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.