IPE's United Kingdom Coverage – Page 136
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NewsTPR: DC governance stats show smaller schemes should wind up
The Pensions Regulator’s latest survey reveals an ‘unacceptable long tail’ of smaller schemes failing to meet key governance and trusteeship standards
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NewsActive global equity fees have dropped 11% since 2017: LCP
Investors now pay more for credit and liability-driven investment managers than for equity managers, consultancy’s fee survey reports
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Tobacco giant seals £3.4bn pension de-risking deal with PIC
Transaction accounts for the bulk of British American Tobacco’s UK DB pension fund, and is Pension Insurance Corporation’s biggest deal to date
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Asset managers propose new fund structure for illiquid assets
The Investment Association has proposed the creation of the ‘Long-Term Asset Fund’, which would be a modified version of an existing category of open-ended authorised fund
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Asset management roundup: Liontrust snaps up Neptune in £40m deal
Also: €15.4bn asset manager CQS has struck an agreement with a Chinese financial services group and a Hong Kong-based investment company
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Church of England eyes private equity after 2.6% loss in 2018
The £2.4bn Church of England Pensions Board was hit by the fourth-quarter public equity crash, but also incurred losses on its liability-matching portfolio
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LGPS funds to be exempt from fiduciary management rules
DWP consults on new rules for fiduciary managers and investment consultants following CMA investigation
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Pension SuperFund signs up second client in £300m deal
DB consolidation vehicle’s first deal was submitted to the regulator for clearance in May
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Auto-enrolment providers slam NOW: Pensions over cost analysis
The master trust claimed it was the cheapest provider on the market – but its rivals have hit back over ‘artful propaganda’ and ‘absurd’ outcomes
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LGPS Central raises £700m for emerging markets fund
Four local authority funds support emerging markets equity mandate, run by BMO, UBS and Vontobel
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USS assets hit £68bn as deficit climbs again [updated]
UK’s biggest pension scheme aims to improve communication policies as member dissatisfaction grows
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NewsEU court sinks investment cost tax reclaim case for UK charities
Cambridge University has been denied the right to reclaim VAT on fund management fees, casting doubt over the future tax situation for UK charities
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UK government consults on merger of two local authority pension funds
Merger of £492m closed transport authority fund into £15.7bn West Midlands Pension Fund intended to address solvency risks
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NewsRegulator fines former Standard Life subsidiary £31m over annuity misselling
Standard Life Assurance failed to have robust systems and controls around its pension annuity sales, according to the FCA
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New UK leader faces same Brexit challenges, say managers
Boris Johnson, former mayor of London, will become the UK’s prime minister tomorrow with the UK’s EU departure date of 31 October looming large on the horizon
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NewsChurch of England creates risk-focused strategy role
Former Bank of America Merrill Lynch and Deutsche Bank strategy chief joins £8bn Church Commissioners for England
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£22bn UK pension fund ‘should divest from fossil fuels now’, say protesters
Campaigners gather outside Greater Manchester Pension Fund’s office, but scheme argues it is already ‘working hard’ to achieve climate risk goals
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Auto-enrolment should be expanded, say UK firms
Nearly all companies favour broadening the regime to include lower-paid workers and the self-employed, according to a CBI/Scottish Widows poll
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LGPS pool targets £10bn with private markets programme
Border to Coast Pensions Partnership has launched a £500m private equity vehicle and a £675m infrastructure fund for its 12 LGPS clients
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NewsLocal authority fund shifts £500m into low-carbon index tracker
Swansea Council’s £2.1bn pension fund wants to reduce its exposure to carbon-intensive companies and fossil fuel investments by up to 50% by 2022
