GLOBAL - In a move which illustrates the continuing trend for investment banks to encroach on what was traditionally consultant territory, JPMorgan has appointed Kevin Carter managing director and head of the investment bank's pension advisory group for Europe, the Middle East and Africa.
Carter, who won't start his new role until 1 November, joins from Watson Wyatt where he was a senior investment consultant and head of European investment practice from 2002.
Prior to this, Carter spent 16 years at Old Mutual plc as chief executive officer in the asset management division in the UK and then the US.
Carter will report to Ed Giera, global head of the pension advisory group at JPMorgan. He replaces Eric Viet, who left earlier this year.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.