INCLUDING: UK - AXA multi-manager separation; US - PBGC takes on more; US - Another DB closure
UK – AXA multi-manager separation
AXA and Winterthur Wealth Management are to reportedly launch a multi-manager division for institutional investors early next year.
It is thought the division would be independently run by Mike Kellard who has headed up AXA wealth management and Winterthur’s high net worth business since November 2006.
US – PBGC takes on more
The Pension Benefit Guaranty Corporation (PBGC) has taken responsibility for 900 former employees of Scotty's Inc., Florida.
PBGC estimated the plan to be 55% funded and expected to be liable for the entire $6.7m shortfall.
US – Another DB closure
Dow Chemical Company will reportedly close its defined benefit (DB) pension plan to new employees in January 2008.
The chemicals giant will instead offer a cash-balance account which new workers can take as a lump sum when leaving the firm.
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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.