UK - Three members of Royal Bank of Scotland's corporate banking investments division have left to set up their own firm - Cognis Capital Partners.
The three partners – Myra Tabor, Paul Hollowday and John Sullivan – were part of RBS Special Investments Group.
They have set up their own alternative asset manager, which will target insitutional investors.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.