UK - Beckett Financial Services is restructuring in a bid to widen its presence in the pensions, asset management and financial planning markets.
The firm has begun hiving off its insurance divisions and is looking for further joint ventures within the financial services industry.
Its financial planning division will merge with its asset management arm under the new banner, The Beckett Investment Management Group.
Group chairman Robert Beckett said: “I can see considerable growth in financial planning and investment management. We now have the opportunity to create a much wider-based business.”
The move follows a joint venture with accountancy firm Thomas May & Co in May, where Beckett offers investment, pensions and financial planning advice to the firm’s clients.
Beckett also recently sold its general insurance interests to Country Mutual Insurance Brokers.
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.