CHINA - HSBC Holdings has revealed it is considering establishing a joint venture pension fund firm with BoComm, China's fifth largest bank.
HSBC Holdings bought a 19.9% share in the bank in 2004 and is said to be optmistic about gaining a stake in China's pensions market.
In a separate development, HSBC also announced it would launch two emerging market debt funds at the end of the month.
The Global Emerging Markets Local Debt fund is targeted to outperform local market benchmarks by 3% per annum, and the New World Income has an absolute return objective of Libor plus 5% per annum.
The funds are to be managed by Peter Marber and the team at Halbis, HSBC’s fundamental active asset management specialist, using a combination of top down, macro thematic research and fundamental analysis of preferred instruments.
The Department for Work and Pensions (DWP) will develop and test new ways to include 4.8 million self-employed workers in pension savings.
Opt-out rates at the end of June 2018 "remained consistent" with levels before the April contribution rate increase, according the Department for Work and Pensions (DWP).
The Pensions Regulator (TPR) has appointed Charles Counsell as its new chief executive, who will take over from Lesley Titcomb next year.
The Financial Reporting Council (FRC) should be abolished and audit and advisory businesses should be split into separate entities to improve the sector for both savers and investors, two reports published today say.