SWITZERLAND/UK - Private equity house Gresham is to separate from its parent company Zurich Financial Services, following a management buyout.
Gresham’s management has set-up a limited partnership to acquire the firm, which will be led by chief executive Paul Marson-Smith and directors Mike Henebery, Simon Inchley, Ken Lawrence and Paul Thomas.
ZFS will continue to support Gresham and invest £265m in the firm.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.