INCLUDING: US - Extra responsibility for PBGC; UK - State Street mandate win, US - Cadogan appointment
US – Extra responsibility for PBGC
The Pension Benefit Guaranty Corporation (PBGC) has taken on responsibility for the bankrupt Union Stamping and Assembly pension scheme.
The PBGC estimated the scheme to be only 47% funded with US$1.5m in assets to cover $3.2m in liabilities.
UK – State Street mandate win
State Street Corporation has been appointed to provide investment services for Lucida, a pensions solution provider.
State Street will be responsible for custody, investment accounting, performance measurement, securities lending, transition management and compliance monitoring requirements.
US – Cadogan appointment
John Trammell has been appointed president of Cadogan Management which is 70% owned by Fortis.
Trammell joined from Investor Select Advisors where he was CEO.
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point