TURKEY - HSBC is to manage all of Allianz Turkey's personal pension funds as part of a partnership deal between the two companies.
As of today, all assets and liabilities of Allianz personal pension investment funds in Turkey will be managed by HSBC Portfolio Management.
Allianz Turkey chief financial officer Solmaz Altin said: "Our funds have been successfully managed in Turkey for many years. As a global insurance company, we need to align decisions at a global level and as such we have joined forces with a leading global financial institution, HSBC.
"As a result of the momentum gained in private pension plans in Turkey we estimate that there will be around 300,000 new entrants to this market and the sector will reach an estimated 2.6 million clients by year end, with a portfolio size of 15bn TL according to estimations".
HSBC Portfolio Management general manager Namik Aksel added: "The deal is the largest portfolio management change in the Turkish private pension market in terms of its scale. We believe that our partnership will benefit the private pension sector in general and investors in particular.
"Our aim is to be in the top five portfolio companies in Turkey in terms of assets under management. We will do this by delivering to our clients robust active portfolio management, high performance, a strong product range and excellent quality service. Our longer term goal is to maintain and grow our position in line with this rapidly developing sector. The addition of Allianz Life and Pension A.S. to our pension fund portfolio is a very important step."
The Next Generation Pensions Committee is on a mission to promote and encourage younger voices in the industry. Kim Kaveh looks at its key objectives
This week's top stories included an analysis finding the cost of equalising guaranteed minimum pensions in schemes could hit FTSE 100 profits by up to £15bn.
Employers whose dividend to deficit recovery contribution (DRCs) ratios fall outside the "normal range" should expect to see higher regulatory scrutiny, although no fixed ratio will be set.
Investment consultants and fiduciary managers should expect a final decision on the investigation into the market to be published by the end of the year, the competition watchdog says.