INCLUDING: UK - Barings launches 130-30 Fixed Income White Paper, ITALY - New staffers for Cordea Savills in Milan, UK - Gillespie leaves Watson Wyatt; UK - Property appointment at Hewitt
UK - Barings launches 130-30 Fixed Income White Paper
Baring Asset Management has released a white paper on 130-30 fixed income investing. Barings was among the first wave of managers to be awarded a global fixed income 130-30 mandate by CalPERS in June 2007. Toby Nangle, Barings’ director of fixed income, said: “Most of the debate around 130-30 strategies has been focused on the equity side. However, the sources of excess returns and the potential benefits that 130-30 fixed income investing are quite different from the equivalent equity only mandates.”
ITALY - New staffers for Cordea Savills in Milan
Cordea Savills has appointed three staff to its Italian operations. Alessandro Castiglione joined as director of investment from BNL Fondi Immobiliari SGR, Deutsche Bank Real Estate and Unieuro SpA, where he was in charge of asset and property management. Pierfilippo Barattolo, joined as director of investment from DTZ where he was investment director, and Giuseppina La Mantia, has been appointed asset manager. Before joining Cordea Savills, Mantia worked in the valuation team at Archon Group Italia (Goldman Sachs).
UK – Gillespie leaves Watson Wyatt
BNP Paribas has appointed of Craig Gillespie to its pensions team, based in London. Gillespie joined BNP Paribas from Watson Wyatt in Reigate, where he worked for 11 years advising trustees and plan sponsors on investment strategy and asset/liability modeling.
UK – Property appointment at Hewitt
Hewitt Associates’ has appointed Richard Cooper to its UK investment consulting team as a property specialist. Cooper joined Hewitt from Kingston University, where he spent the last year as a senior lecturer on commercial property investment. He has previously worked as a fund analyst at Bramdean Property Investment and an associate director at LaSalle Investment Management.
A buyout tool which provides schemes with up-to-date pricing and comparisons between insurers has been launched by JLT Employee Benefits.
The DB white paper sets out plans to review the funding regime, with 'prudent' and 'appropriate' possibly redefined. But James Phillips asks if this could this signal a return to an MFR-like approach?
The trustees of GKN's pension schemes have agreed a package of mitigation measures that would improve funding to a "more prudent level" if Melrose's offer is accepted by shareholders next week.
While the new powers are welcome, most respondents doubt it will make a difference to the outcomes for members, Pensions Buzz respondents say.