UK - The future of Edinburgh Fund Managers could rest on a successful takeover deal by Isis Asset Management, industry sources claim.
The beleaguered fund manager is understood to have held talks with Isis for the past six weeks over a possible takeover deal.
But the high-level talks have been disrupted by the defection of several key clients and senior fund managers at EFM.
Sources within Isis say talks could break down due to EFM’s rapidly diminishing assets.
In particular, EFM has had to cope with the loss of clients such as the £1.9bn Lothian Pension Fund and the defection of its head of UK equities, Robert Waugh, and investment manager, Peter Cockburn, to Scottish Widows Investment Partnership.
One consultant commented: “Robert Waugh was heralded as the saviour of their UK equity performance and he lasted two years maximum.”
An EFM spokeswoman declined to comment, except to say that the firm was still involved in discussions with a third party regarding a possible sale.
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.