Deutsche Bank is to retain trusteeship for global engineering firm Fluor Corporation's defined contribution and defined benefit schemes.
In addition to the trusteeship, Deutsche has also been awarded the investment manager mandate for four newly added index fund options.
Commenting on Fluor’s decision to keep Deutsche as trustees of its schemes, Lisa Higa, senior director of trust investments said: “When the decision was made to re-bid our trust services for our US domestic and global assets, we did want to see what the marketplace had to offer - it’s prudent to do this as a plan sponsor.
“But the real impetus for the search was the changes we were challenged with internally, including outsourcing our plan recordkeeping and moving to daily valuation of our funds. Our decision was based primarily on the past service Deutsche Bank provided, but their ability to deliver a personalised service based on our new requirements was equally impressive.”
By Janet Du Chenne
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.