GREECE/UK - F&C has entered the Greek fund management market by teaming up with fellow Eureko subsidiary Interamerican.
The alliance will see Interamerican provide and control local distribution, whilst F&C will supply asset management and product development. The agreement coincides with the conversion to the euro and what F&C calls the growing appetite of Greek investors to diversify their investments beyond domestic securities.
As part of the tie-up, F&C will also acquire Interamerican's mutual fund arm, Intertrust. The firm, which will be rebranded as F&C Greece, will continue to run its own portfolio management, product design, fund administration and customer service operations but will now have F&C's resources to fall back on.
Arnold Hoevenaars, CEO of Eureko, said: This development is yet another step in Eureko's strategy of uniting our asset management activities into a single, professional platform to better serve our customers and shareholders.
F&C's partnership with Interamerican and the takeover of Intertrust is subject to regulatory approval.
By Geoffrey Ho
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers