INCLUDING: GERMANY - Combined division for AllianzGI KAG; UK - Development actuary joins Hymans Robertson; Switzerland - ORTEC opens Swiss office
Allianz Global Investors' German investment arm (AllianzGI KAG) has merged its advisory and product design into a new pension markets division. The division will be in charge of product strategy in the pension segment. It will collaborate closely with the sales teams for retail funds, as well as the institutional funds and mandate business, headed by Tobias Pross, the newly appointed managing director of Allianz Global Investors Advisory.
UK - Development actuary joins Hymans Robertson
Consulting and actuarial firm Hymans Robertson has appointed Steven Baxter as a development actuary. Baxter, who was previously at Hewitt Associates, has joined the London office and will focus on developing mortality consulting services as well as broader quantitative modelling and actuarial systems development.
SWITZERLAND - ORTEC opens Swiss office
ORTEC, a provider of risk management solutions and investment consulting to institutional investors, has opened an office in Pfäffikon, Switzerland. The office will be headed by Sinikka Demaré, who has previously worked for Dow Chemical in various leadership positions and currently serves on the advisory board of ORTEC Finance BV.
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.