INCLUDING: US - Pioneer appoints US head of portfolio management; US - CalPERS appoints board member; US - CalPERS appoints board member
Pioneer Investments has appointed Kenneth J. Taubes as head of portfolio management in the US, succeeding Charles Mayer, who retired in December. Taubes served as co-head of fixed income, US, after joining Pioneer Investments in 1998, and became head of fixed income in 2000. He is a member of the firm's global asset allocation committee, and will continue to manage the US fixed income team. He will also retain his duties as portfolio manager of the Pioneer Bond Fund, Pioneer Strategic Income Fund, and other portfolios.
US - CalPERS appoints board member
Dr. Louis F. Moret has joined the board of the California Public Employees' Retirement System (CalPERS) He is the member appointed by the State Assembly Speaker and Senate Rules Committee and will serve a four year-term. Moret is serving his seventeenth year on the Los Angeles Fire and Police Pension Board - the longest serving appointed member in the history of the retirement system.
UK - SSgA launches diversified growth strategies
State Street Global Advisors (SSgA) is to launch a range of diversified growth strategies which it claims will be the ideal default fund option for defined contribution (DC) pension schemes. The predominantly passively managed strategies will invest across a combination of asset classes, including equities, property, high-yield bonds, commodities and infrastructure. They will also be the first multi-asset strategy to include exposure to synthetic hedge funds through allocations to SSgA's hedge fund replication strategy.
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.