UK - Goldman Sachs has dismissed claims its new pension buyout business has found its first target.
Rothesay Life, the name for the buyout arm, received authorisation from the FSA last week to begin trading, leading to speculation it would spring into action soon.
However, a spokesperson from Goldman Sachs told Global Pensions: “There is nothing to report yet. All these stories are just over zealous speculation.”
The spokesperson confirmed Keith Satchell, formerly chief executive at Friends Provident, would advise Rothesay Life, which is headed by Addy Loudiadis.
The firm was launched to buy out company pension scheme liabilities and match them with assets. Its activities will be confined to the UK market.
Rothesay is the name of a port managed by ports operator Associated British Ports which was taken over by Goldman Sachs for £2.2bn in June 2006.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.