FRANCE- AXA earnings; CANADA- Caisse de dépôt et placement du Québec; AUSTRALIA- Super review panel
AXA revenues down 34%
FRANCE - AXA Group, parent company of AllianceBernstein and AXA Investment Managers, today reported revenues of €1.5bn (US$2.2bn) for the first half of the year, down 34% from the same period last year.
The drop in revenues is a result of a drop in overall assets under management, which decreased fee generation by 36%. The company also cited an "unfavorable change in product mix, as well as the reduced contribution from distribution fees". Assets under management on June 30 were €803bn.
S&P boosts outlook for Caisse
CANADA - Standard & Poor's gave the The Caisse de dépôt et placement du Québec's subsidiary CDP Financial a AAA rating with an improved "stable outlook", said Caisse.
In February, S&P gave CDP a AAA rating "with negative implications" over concerns about Caisse's ability to manage risk within its portfolio and high turnover of its senior ranks.
Caisse has since strengthened its risk management capabilities and stabilised its senior management team.
Two additions to Super review panel
AUSTRALIA - Two more panellists have been appointed to Australia's Super System Review panel, said minister for financial services, superannuation and corporate law Chris Bowen.
The two are Meg Heffron, an expert on self-managed superannuation fund services, and Ian Martin, former CEO of BT Australia and chairman of the Investment and Financial Services Association.
"The Government established this landmark review with the aim of maximising the retirement incomes of Australians, including through increasing efficiencies, reducing costs and fees and lifting long term rates of return," said Bowen.
"These appointments will add further strength and diversity to the review panel, which will comprehensively examine our superannuation system," he added.
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.