UK - Philips UK Pension Fund has appointed State Street Global Advisors (SSgA) to manage a £370m passive equity mandate.
The pension fund mandate will be invested in SSgA’s pooled fund range (managed pension fund), which has assets of approximately £12bn.
Kanesh Lakhani, marketing director at SSgA said: “We are very pleased to have won the confidence of Philips. We look forward to working with them to achieve their long term objectives.”
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.