GLOBAL - Talks between Standard & Poor's (S&P) and Schroder Salomon Smith Barney (SSSB) over merging the firms' global index businesses have "reached the point of no return", according to a senior source at S&P. A deal was due to be signed by the end of September, just as this magazine went to press.
IPN’s sister publication Global Pensions exclusively revealed in March that the talks, which started in November 2001, were in the process of being concluded. But in the last six months they stalled over “legal subtleties”.
At the moment, S&P sells licences for the use of its indices but in the tie-up with SSSB’s index business it will instead sell data to users to allow them to compare themselves to benchmarks.
The move will allow S&P, traditionally used by passive managers, to challenge MSCI’s dominance of active benchmarks.
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.