UK - Investment consultancy PSolve, part of South Africa's Sanlam Financial Services, has marked its first year with £8.4bn assets under advice.
Since its inception last August, PSolve now boasts over forty pension fund and nine local authority clients. In addition, its local authority team has recently been boosted by two senior arrivals, Val Burdett-Callen and Brenda Clayton, bringing the total team number to 16.
PSolve adopts a liability-driven approach to investment consulting and is also one of the first investment consultancies in the UK to offer clients the option of working on a performance related fee basis, whether related to an investment benchmark or the improvement of a funding level.
PSolve’s Mike Faulkner said: “The successes we have enjoyed in our first year validate our approach. We are not afraid to challenge the established thinking if that will deliver a more effective solution – I think clients find that refreshing.”
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.