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.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.