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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Here are key takeaways from our 2019 Asset Allocation Outlook on how we are positioning asset allocation portfolios in light of our outlook for the global economy and markets.
This week's top stories included a Freedom of Information request revealing more than 100,000 savers could face six-figure tax bills as a result of GMP equalisation.
The Pearson Pension Plan has entered into a £500m pensioner buy-in with Legal & General (L&G) in the insurer's first deal of 2019.