News – Page 445
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Accounting body could drop hybrid scheme work, IASB warns
The international standard setter is looking for help from the European Financial Reporting Advisory Group to inform its work on accounting for hybrid pension funds
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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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Schroders to buy majority stake in impact investor BlueOrchard
Deal underscores growing mainstream investor interest in impact investing, as distinct from ‘exclusionary and inclusionary SRI and ESG integration’
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Moody’s makes buy-side fintech, climate risk acquisitions
RiskFirst is known for its platform for defined benefit pension plans, while Four Twenty Seven specialises in climate risk data and analysis
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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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NewsPension funds ‘remain in scope’ of financial transaction tax law
Brussels-based pension fund and insurance lobby groups reiterate concerns ahead of technical meeting tomorrow
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Italian roundup: Fonchim offers five mandates worth €1.75bn
Utilities sector fund Pegaso seeks consultant; Media industry fund tenders mandates for equity and bond managers
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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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ASR grows consolidation vehicle with €1.2bn pension client
The insurer’s general pension fund’s assets are set to grow to €3.5bn, while its membership will hit 7,000
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People moves: Kempen hires trio to boost UK fiduciary offering [updated]
Kempen Capital Management, Capital Group, Brunel Pension Partnership, JO Hambro Capital Management, Franklin Templeton, AMF, Impact Investing Institute, Daymer Bay, XPS Pensions Group
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Experts voice concerns over planned Italian second-pillar fund
Aon and SSGA say Italy’s INPS is unsuited to run a proposed new pension fund and should focus on developing existing arrangements
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Dutch scheme Owase to join ASR’s consolidation vehicle
€900m manufacturer’s scheme will boost Het Nederlandse Pensioenfonds’ assets to €2.4bn, making it the second-largest APF in the Netherlands
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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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Standard Life Aberdeen and Lloyds settle dispute over £104bn contract
Standard Life Aberdeen will continue to run £35bn on behalf of Lloyds Banking Group until “at least April 2022” and receive £140m compensation
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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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News€75bn Australian pension mega-merger kicks off consolidation drive
First State Super and VicSuper deal will create Australia’s second biggest superannuation fund, and three more multi-billion-dollar deals are in the pipeline
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NewsProxy adviser group revises best practice principles
Code of practice updated to introduce new governance, monitoring and reporting structures for proxy advisory companies
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NewsESMA advises against explicit ESG analysis mandate for credit rating agencies
Watchdog says credit rating agencies should stay focused on creditworthiness, but transparency of how they consider ESG factors could be improved to help investors
