UK - Barclays Global Investors is changing the benchmarks on two of its iShares European Exchange Traded Funds in order to cut costs.
Benchmarks of its iShares FTSE Euro 100 and iShares FTSE Eurotop 100 ETFs will be changed to the FTSEurofirst indices in the autumn, subject to regulatory approval.
The FTSEurofirst indices are a joint venture between FTSE and Euronext, and BGI claims the move will reduce the funds’ expenses from 0.6% per annum to 0.4%. BGI also feels the FTSEurofirst indices are superior to the existing benchmarks in terms of market coverage, liquidity and transparency.
The Centre for Social Justice is calling for the state pension age to be raised to 70 by 2028 and to 75 by 2035, a much faster rise than currently planned.
The High Court has blocked the £12bn transfer of Prudential's annuity book to Rothesay Life, citing the insurer's lack of "established reputation" and differing "capital management policies".
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.