UK/EUROPE - SECOR Asset Management, the fiduciary and asset manager run by the former General Motors Asset Management investment chief, has opened in London.
SECOR is owned by Tony Kao, the form CIO at GMAM and Raymond Iwanowski, former co-head of the quantitative investment strategies group at Goldman Sachs Asset Management. Both now serve as co-chief executives.
The US boutique asset manager already has €5bn in assets under advisory, including assets from pension funds in seven different European countries, but is looking to grow its non-US presence.
"Our team has a long and successful history of managing pan-European pension assets and advising pensions on every aspect of their portfolios," Kao said. "We know there is no substitute for local knowledge and seasoned professionals."
The London office will be led by SECOR partners Jeroen Wilbrink and Thierry Bollier.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.