GLOBAL - Crédit Lyonnais Asset Management's Luxembourg funds have been streamlined into the firm's flagship ‘Lion Fortune' umbrella-fund.
With 19 different sub-funds, Lion Fortune is a single, flexible investment vehicle covering equities, bonds, convertible bonds and money market instruments, global markets and a choice of sectors (healthcare and technology).
Eight of its 19 sub-funds are now rated by Standard & Poor’s fund management ratings.
Lion Fortune is available to private clients, international private banking clients and major institutional investors and is marketed, in part of in full, in Germany, Austria, Belgium, Chile, France, UK, Italy, Luxembourg and Switzerland. As of 31 October 2002, assets totalled E1.3bn.
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.