News

UK - Welsh Rhondda Cynon Taf local government pension scheme has appointed Record Currency Management as active currency manager.

AUSTRALIA - BT Financial Group (BT) and Westpac Banking Corporation (Westpac) have launched a new concept combining banking and wealth management.

UK - BAA has awarded State Street Global Advisors (SSgA) a 130/30 mandate worth £330m, as hundreds of its workers demanded a ballot on strike action over the closure of its defined benefit (DB) pension scheme to new entrants.

WATSON WYATT has released an enhanced version of its VIPitech financial modelling tool for the UK bulk purchase annuity market.

UK - The National Association of Pension Funds (NAPF) has appointed David McCourt as policy adviser for investment and governance.

Including: JAPAN - Macquarie turns to Japan; AUSTRALIA - Regulator raps reports; UK - Watson Wyatt appointments; ISRAEL - Credit Suisse new CEO; UK - Hinde going for gold;

GLOBAL - Schroders has released its third quarter results and announced a loss of £2.9bn in institutional assets under management (AUM) despite reporting a pre-tax profit of 53%.

SCHRODERS has seen net institutional outflows of £2.9bn over the last three months as it focuses on higher margin business, its latest trading update says.

THE NATIONAL Association of Pension Funds has appointed David McCourt as a investment and governance policy adviser.

SWITZERLAND - Investment bank UBS posted a third quarter loss of CHF726m (US$624m) but said that the group as a whole should return to profitability in the fourth quarter of 2007.