PennSERS; Henderson Global Investors; APG Asset Management; KPGM; State Street; PensionsFirst
The Pennsylvania State Employees' Retirement System (PennSERS) Board has hired Pension Benefit Guaranty Corporation (PBGC) deputy CIO Anthony Clark as chief investment officer following a national search. PennSERS launched the search in October 2010 after former CIO John Winchester announced he was stepping down in January. Clark manages a $65bn investment programme for the PBGC. He will commence his new role on 4 April.
PennSERS board chairman Nicholas Maiale said: "We were looking for a candidate with experience of managing a large fund, along with a mix of organisational management and government relations experience. Anthony brings that mix of experience to PennSERS."
Clark added: "PennSERS, like many other maturing pension systems, is facing increasing benefit payments in the coming years. I look forward to working with the Board and staff to address liquidity needs while also working through the unique funding challenges the system has faced for more than a decade."
Henderson Global Investors has appointed Tim Gibson as head of property equities in Asia, managing $950m in Asian property stocks across the Henderson Horizon Asia-Pacific Property Equities Fund and the Asian investments within the firm's Global Property Equities Fund. He will report to head of property equities Patrick Sumner and will start on 1 March 2011 before moving to Singapore in early April. Gibson joins from AMP Capital Brookfield where he was director and European fund manager of a $1bn fund.
Claudia Kruse has been appointed as head of corporate governance at APG Asset Management. She succeeds Paul Frentrop who left the firm at the end of last year. Her new responsibilities include implementing the firm's policy to help manage risk and integrate corporate governance in its investments. Kruse has worked in responsible investing since 2000. She joined the firm in April 2009 as a senior sustainability and governance specialist. She was also an associate director in the governance and responsible investment team at F&C Investment.
KPMG has launched a DC solutions practice and appointed pensions partner Gurmukh Hayre to lead it. Hayre joined KPMG 20 years ago, during which time he has led DC pension change projects including transitions from DB to DC and restructuring existing schemes for a number of blue chip clients.
KPMG head of pensions Andrew Cawley said: "As more and more pension schemes move towards a defined contribution model, it makes sense for us to establish a dedicated practice to focus on this burgeoning area. As a whole, our pensions practice is growing strongly and we have ambitions to at least treble KPMG DC Solutions in the short to medium term."
State Street has named Cornelia Keth as head of sales and account management for its outsourcing business in Germany. Keth joins from Bank of New York Mellon where she was most recently in charge of sales and relationship management, marketing and network management at BHF Asset Servicing.
PensionsFirst has appointed Matthew Furniss, Robert Heathcoat and Chris Hoffman as assistant vice presidents. Furniss will work in the client solutions group to develop risk management strategies while Heathcoat and Hoffman will serve in the professional services team focusing on the web-based risk management platform PFaroe. Furniss and Heathcoat join from Punter Southall where Furniss was chairman of longevity solutions and Heathcoat was a consultant. Hoffman previously worked for the Pension Protection Fund where he was involved in valuation coding and in-house IT projects.
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.