UK - Credit Suisse Asset Management is to revamp its management structure.
The role of global chief investment officer will be scrapped to make way for individual global heads for each investment stream – equities, fixed-income and alternative investments.
The move follows the departure of global chief investment officer Laurence Smith, who held the position for three years.
CSAM chairman and global chief executive officer Michael Kenneally said: “Our goal with these changes is to improve accountability, better focus investment strategy and move managers closer to the investment process, all of which we believe will deliver improved performance to our clients.”
The firm has already appointed Jack DiMaio as chief executive officer of alternative investments.
But until global heads are appointed for both equity and fixed-income investment, Kenneally will oversee these departments.
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.