Including: NORDICS - JPMorgan expands custody services; ASIA PACIFIC - Yorkville opens Hong Kong office; UK - Longevity ranked second biggest risk to schemes
JPMorgan announced Folketrygdfondet, an asset manger for the Government Pension Fund - Norway, and Gjensidige Forsikring, a non-life insurance company, have both transitioned their custody business to the company, following J.P. Morgan's acquisition of Nordea's institutional global custody business in March this year.
Both clients were said to be in talks to extend the range of JPMorgan services used.
ASIA PACIFIC - Yorkville opens Hong Kong office
Yorkville Advisors has announced the opening of its Asia Pacific regional headquarters in Hong Kong. Although active in the region since 2003, the company said the opening of its Hong Kong office would strengthen its presence.
Commenting on the market outlook, Yorkville said it continued to see opportunities capitalise mid-cap and well-established high growth companies in the region which had been adversely affected by the drying up of credit.
The office will be headed by Anthony Chan, managing director, and staffed with 4 investment professionals with plans to plans to expand to a staff of about 10 over the next year or so.
UK - Longevity ranked second biggest risk to schemes
Longevity is the second greatest concern to pension schemes second only to investment risk, according to a survey by Aberdeen Asset Managers.
Although schemes are well aware of the challenges longevity risk presents they are still not implementing solutions - citing complexity, credit risk and cost as the main barriers, with buyouts being perceived as being particularly expensive.
Some 57% of schemes believed life expectancy in the UK would continue to increase, while 43% thought members of their scheme would live longer than those in an average scheme.
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.