GERMANY - Pan-European asset manager F&C Management is to open a new office in Frankfurt as part of a new strategy to attract more German institutional business.
Claus Heidrich, has been hired to spearhead the operation and will be joined by Elmar Rathmayr. They will assume full responsibility for marketing and client management in Germany and report to Alain Grisay, F&C Board Member.
They will also help to coordinate retail initiatives.
Both Heidrich and Rathmayr were previously at Commerzbank Investment Management - Germany’s third largest listed bank - where they held several senior positions.
F&C is already a leading foreign advisers to the German funds market and has a strong footing in the German structured product market.
Alain Grisay, F&C Board Member said F&C has over 12 years experience in the German market with 6% of its assets under management derived from its large client portfolio in Germany.
“The opening of a local office underlines our commitment to this market and will be a springboard for further expansion.”
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.