FRANCE - The Funds De Reserve Pour Les Retraites (FRR) has terminated a mandate run by Nicholas Applegate Capital Management (NACM) following poor investment performance.
The FFR awarded the €172m (US$211m) US small cap equities portfolio to Allianz Global Investors France, which then delegated management to sister company NACM.
The mandate concerned the management of a portfolio invested US small cap equities. As of the 28th of May the assets under management amounted to The FRR wishes to mention that all wind-up operations were completed to satisfaction.
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.