INCLUDING: UK - Ex-HSBC chief joins Morley, UK - Better deal for bankrupt funds, CANADA - More OTPP purchases, US - Continental sinks in $75m
UK – Ex-HSBC chief joins Morley
Morley has appointed ex-HSBC investment chief Alain Dromer to its helm with a mandate to grow its global asset management business.
The post had been empty since the departure of Keith Jones at the end of 2006 and the untimely death of Chris Phillips, who would have taken on the role in April this year.
UK – Better deal for bankrupt funds
Prime minister Gordon Brown said he hoped that very soon those who lost money before the Pension Protection Fund came into effect could be guarantee nearer to 90% than the current 80% of losses offer.
An imminent report from the government actuarial department looks set to outline how unclaimed pensions might be used in this initiative.
CANADA – More OTPP purchases
Ontario Teacher Pension Plan (OTPP) has purchased Dynea North America from its Finnish parent company for an undisclosed amount.
The resin and paper overlay company will now be renamed Arclin.
The company has an annual turnover of $650m and over 750 employees in the US, Canada and Mexico.
US – Continental sinks in $75m
Continental Airlines has contributed a further $75m into its defined benefit (DB) pension plans.
This brought its total year to date input to $203m, exceeding its $187m yearly target.
The airline said it also expected to contribute $328m before the end of 2007.
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.