PIMCO; Russell Investments; AXA Investment Managers; State Street Global Advisors; PensionsFirst; Mercer; Standard Life Investments
PIMCO's managing director and portfolio manager Paul McCulley is retiring after 27 years of service in money management to join a think tank. McCulley will leave the firm at the end of 2010 to join the Global Interdependence Center based in Philadelphia.
McCulley joined PIMCO in 1990 as an account manager and then rejoined in 1999 as portfolio manager covering in depth analyses of the central banks and monetary policy. Before this, he was at UBS Warburg where he served as chief economist. His responsibilities will be assumed by PIMCO's investment team - PIMCO did not name the individuals.
Russell Investments has hired Cynthia Steer as managing director of investment strategy within its consulting business. She will be responsible for advising on North American consulting relationships. Steer joins from Rogerscasey where she was chief research strategist and managing director of beta research. Before this, she was chief investment officer at SBLI USA Mutual Life Insurance Company and the outsourced chief investment officer and independent consultant for the City of Hartford. Additionally, Steer was named the 2010 Distinguished Woman Investment Professional of the Year by the Chicago-based Women Investment Professionals (WIP) organization.
AXA Investment Managers has appointed Jeremy Baskin as chief executive officer of AXA Rosenberg, completing the firm's restructure in the wake of the coding error scandal. (Global Pensions: December 01, 2010).
State Street announced the termination of 1,400 jobs as part of a multi-year plan to cut costs and improve efficiency, with the majority taking place in North America, GP reported last week. Up to 3% of these cuts will come from State Street Global Advisors. (Global Pensions: December 02, 2010).
PensionsFirst has announced Chris Lilingston-Price as representative of Middle East and Asia Pacific following the firm's expansion. Based in Hong Kong, Price will manage sovereign wealth funds and state sponsored pension funds in the regions. He joins from Banco Santander where he was managing director and head of sales in Asia Pacific. He also held senior roles in fixed income at Lehman Brothers and ABN Amro in London prior to Santander.
Mercer has hired three consultants following the expansion of its international consulting team in Europe. Graham Pearce has rejoined as partner and leader of Mercer's international consulting team in Central Europe and Axel Zoma and Franck Chéron have both been appointed principals based in Paris.
Pearce was partner in KPMG's Pensions Business in Germany and consultant in Mercer's international team for 17 years. Zoma has joined from the Benefits Practice of Towers Watson and Cheronn was senior consultant in Towers Watson's Benefits business.
Mercer has also expanded in Saudi Arabia following the increased demand for local consulting work. Its new office in Riyadh opened 1 December, 2010 employing chief executive officer Paulo Machado from Libson, Ahmad Atari and Zein Attar from Mercer's Dubai office. Two further appointments are being processed.
Global fund manager Standard Life Investments has named John Paynter and Jonathan Dawson as non-executive directors. Paynter is currently senior adviser at Greenhill & Co. International. Before this, he was non-executive director at Jardine Lloyd Thompson Group and then at Standard Chartered. Dawson is senior independent director and remuneration committee chairman at Next and a non-executive director of National Australia Group Europe. He was also co-founder of Penfida Partners.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers