EUROPE - Mellon Financial Corporation has announced the appointments of Jon Little, chief executive of Mellon Global Investments (MGI), and Helena Morrissey, chief executive of Newton Investment Management, as co-chairs of Mellon Europe.
Both will retain their current roles and take up the added responsibilities on May 3.
Martin McGuinn, chairman and CEO of Mellon, said: “The appointments of Helena and Jon are recognition of their leadership and successes in overseeing the building of Mellon’s asset management capabilities in Europe through MGI and Newton.
“Europe represents a critical growth opportunity for Mellon, and jointly they bring excellent skills to our expansion goals in this region.”
Morrissey will join Little on Mellon’s global senior management committee, effective immediately. Both will report to McGuinn in their Mellon Europe roles and will continue to report directly to Mellon vice chairman Ron O’Hanley as leaders of their asset management businesses internationally.
In addition to the new appointments, Jack Klinck, who has served as Mellon Europe chairman since 2001, will be repatriating to the US in July after completing his four-year assignment in London. Klinck, also a vice chairman of Mellon Financial Corporation, will continue in his role as president of Investment Manager Solutions (IMS) business of Mellon’s Asset Servicing sector.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.