EUROPE - John Simpson, former director of international and Scandinavian businesses at Schroder Investment Management, has followed former chief executive officer David Salisbury and stepped down to join GE Asset Management.
In his new role as head of continental European business development, Simpson will report to GEAM’s president Jan Konstanty and will be responsible for the development of the company’s European asset management arm.
While at Schroders, Simpson managed institutional European and global mandates for European clients, as well as developing new business.
Simpson’s appointment follows the release of Schroders interim results for the first half of 2001, where it was revealed that underlying asset management profit fell by 7.4% from £80.1m the end of 2000 to £74.2m in the first half of 2001.
By Janet Du Chenne
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.