INCLUDING: UK - Hermes risk appointments; SWITZERLAND - Credit Suisse acquires majority stake in AMF; US - New Jersey given go ahead to invest in hedge funds; UK - NAPF launches Pensionsforce website
Hermes has announced the appointment of Daniel Roff as head of risk and quantitative solutions (fixed income) and Stuart Woodyatt as director, operational risk. Roff, who joins from Legal & General Investment Management where he was head of investment risk management, will develop and maintain risk assessment and assurance across the Hermes Group. Woodyatt was group risk manager at London and Capital Group Ltd and will develop and maintain risk assessment and assurance across the Hermes Group.
SWITZERLAND - Credit Suisse acquires majority stake in AMF
Credit Suisse Group has acquired an 80% stake in Asset Management Finance Corporation (AMF) from National Bank Financial of Canada (NBF). AMF provides capital to asset managers in exchange for a passive, non-voting, limited term interest in a manager's future revenues. Since its formation in 2003, it has completed 12 transactions with both traditional and alternative managers with aggregate assets under management of approximately $50bn. Credit Suisse acquired its share for US$384m of newly issued Credit Suisse Group Stock.
US - New Jersey given go ahead to invest in hedge funds
New Jersey will be allowed to invest state pension money in hedge funds after a state appeals court ruled in the Treasury Department's favour, according to reports. The court, which ruled Friday, rejected a challenge by the Communications Workers of America and the New Jersey Education Association, which had argued hedge funds and other alternative investments were too risky and were ripe for political abuses. According to reports, the Treasury Department wants to put about $9bn of the state's $78bn retirement accounts into the investments.
UK - NAPF launches Pensionsforce website
A National Association of Pension Funds (NAPF) service, designed to help employers in assisting workers to plan for retirement, has launched a new website. Pensionsforce is an independent service provided free to employers to help their staff understand the importance of planning for their retirement, and the website aims to provide practical information for employers and their employees.
The Pension Protection Fund (PPF) has conceded it does not have "all the data we need to calculate" the impact of last month's ruling that some benefits may be unlawful.
A looming court decision on gender equalisation of pension schemes could hit FTSE 100 profits by up to £15bn, Lane Clark and Peacock (LCP) says.
Dutch custodian KAS Bank has created a fintech solution to help schemes save on costs and improve transparency of currency hedging strategies.
ITM has announced it has acquired Faraday Tracing Bureau (FTB) for an undisclosed sum.