INCLUDING: AUSTRALIA - Sherry meets UK expert; GLOBAL - Watson Wyatt results; GERMANY - Allianz writedowns; CANADA - Gov urged to change regulations
Nick Sherry, minister for superannuation and corporate law, Australia, this week held wide ranging discussions on financial market conditions and regulatory responses with Sir Callum McCarthy, chairman of the UK Financial Services Authority (FSA), and Chris Gibson-Smith, chairman of the London Stock Exchange (LSE). In relation to superannuation and retirement income issues, Sherry also met with James Purnell, UK secretary of state for work and pensions, and the full House of Commons Work and Pensions Committee.
GLOBAL - Watson Wyatt results
Watson Wyatt Worldwide has announced its investment consulting group revenues have grown by 27% compared to last year, according to its third quarter results. Overall revenues were US$457.5m, an increase of 16%, and the benefits group revenues were US$268m, an increase of 21%.
GERMANY - Allianz writedowns
Allianz Group reported markdowns of €845m (US$1.3bn) in its ABS trading book in its first quarter results. The firm's total revenues decreased by 5.7% to Ä27.7bn, compared to €29.3bn in the same period of 2007. In asset management, third-party assets under management decreased to €736bn from €765bn at 31 December 2007.
CANADA - Gov urged to change regulations
The Association of Canadian Pension Management (ACPM) has urged the government to make regulatory changes and allow recommendations it believes will strengthen the industry to be carried out.
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.