Legal & General Investment Management is hastily looking to recruit for its redefined investment strategy following the departure of Peter Knapton.
Knapton’s departure follows the crystallisation of the group’s core satellite investment strategy, which Knapton himself helped to develop. As part of the strategy, the group will manage large core passive portfolios, which are fringed by smaller, aggressively managed active portfolios.
Group investments director David Rough is looking outside L&G for a replacement for Knapton and for UK equities head Vanessa James, who left the company last year.
The new hire will be active-orientated rather than a passive business hire.
By Janet Du Chenne
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.