UK Law Commission presenting ‘false dichotomy’ over ESG, passive investing

first_imgThe group noted that passive investors could use indices based around ESG principles to reduce their ESG risks, and that it was a “false dichotomy to contrast ESG investing with passive investing”.“The choice for most pension funds will not be simply to ‘consider ESG factors’ or ‘not consider ESG factors’ and then seek out products accordingly,” the consultation added.“Rather, ESG capability should be one of the range of criteria on which potential fund managers are judged during manager selection, alongside other criteria such as cost.”ShareAction argued that trustees should not feel obliged to maximise returns at all costs, and that the purpose of the pension fund was rather to provide a pension income that would provide a “decent standard of living”.“Arguably, pension funds, like charities, should not be obliged to invest in ways that directly undermine the underlying purpose of their trust,” it added.The group further argued that there would be a benefit in “clarifying and strengthening” the duties of all investment intermediaries in the investment chain, and said this could ideally occur through changes to legislation.However, it added: “We do not suggest a wholesale codification or reform of the general law of fiduciary duties.”Catherine Howarth, chief executive of ShareAction, said the Commission had the opportunity to “set the record straight” on trustee duties.“We worry that, without a clarification in statute, the Law Commission’s findings will have limited positive impact on investor behaviour,” she said.The head of the London School of Economics’ Sustainable Finance Project previously warned IPE of the problems associated with a codification of fiduciary duties, noting it was difficult to lay down “hard and fast” rules that would endure for decades.,WebsitesWe are not responsible for the content of external sitesLink to ShareAction’s consultation response The UK’s Law Commission should be careful not to present environmental, social and governance (ESG) based investing as incompatible with a passive, index-tracking approach, ShareAction has warned.The lobby group was further critical of the Commission viewing ESG as a style of investing, rather than a set of criteria to be employed across all asset classes, and that the interpretation – presented in its recent consultation paper on the fiduciary duties of investment intermediaries – focused “almost exclusively” on stock selection, overlooking issues of engagement.In its response to the Commission’s consultation, ShareAction said the interpretation of ESG matters would lead to the assumption that only active managers could employ an ESG approach.“As a result, the consultation paper gives the impression that trustees face a one-off choice whether to ‘take an ESG approach’, and that ‘choosing’ this style of investing is likely to be inappropriate for many funds, particularly those seeking to reduce costs,” it said.last_img read more

More rights cuts expected at Dutch pension funds after miserable December

first_imgThe average funding ratio of Dutch pension funds declined by approximately 1 percentage point over the month of December 2013, according to Aon Hewitt and Mercer.The consultancies estimated that the average funding rate at the end of last year came to 109% and 108%, respectively.As a result of the decline, dozens of Dutch pension funds will face additional benefit cuts.The decline in December varied widely from one pension scheme to the next, according to Mercer’s Dennis van Ek. “For schemes that did not hedge more than, say, 25% of their interest-rate risk, and that invest some 50% in equities, the decline will be limited from one-quarter to half of a percentage point.“For schemes that have extensive interest-rate risk hedges in place and do not invest a lot in equities, the decline may be as much as 2 percentage points.”  According to Aon Hewitt, 30-35 pension funds will have to implement benefit cuts.Figures published by pensions regulator DNB previously showed that 34 schemes were facing a funding shortfall based on funding ratios at end of November.Because funding rates have fallen across the board in December, van Ek believes those 34 schemes will definitely not escape cuts, and that there may be more schemes added to the list as a result of December’s decline.However, because some sponsor companies may bail out their corporate schemes, that number could change. Consultant Aon Hewitt believes there is no doubt the two metalworkers schemes, PME and PMT, will have to cut benefits.Both have funding rates hovering right around the required minimum rate.PME reported a funding rate of 104.6% – just over the required minimum – at the end of November.The scheme will publish its end of December rate around the middle of January, according to Hans Sieraad, head Finance, Control and Risk Management at PME.last_img read more

Iceland’s MP Banki offloads pensions business in Lithuania

first_imgThe Bank of Lithuania has already approved the sale, and Invalda took over ownership at the beginning of the week.Ramunas Stankevicius, who helped set up the fund in 2007, stays on as chief executive, and former board member Jon Sigurdson was appointed chairman of the board at the pension fund.MP Banki had been in the Lithuanian market since 2007.It said it still saw “very strong foundations” for further growth at the pension fund in a “fairly young market”.Darius Sulnis, president at Invalda LT, agreed.“The development of our country, as well as the growth of society’s wealth, will increase investments in pension funds and other long-term saving products,” he said.As of the end of June, all 26 pension funds in Lithuania made positive returns, with an overall average of 4.1% for the first six months, compared with an average 4.3% for calendar 2013.Assets in the system climbed to just over €1bn last year.Invalda stated in its annual report for 2013 that it aimed to become one of the leading private equity, real estate, investment and pension fund management companies in the region.In 2008, the company entered the Latvian market to start an asset management and pension fund business.One year later, it sold its asset management subsidiary Finasta, which managed several pension funds, to Bank Snoras. Iceland’s MP Banki has sold its only pension fund in the Baltics to local investment manager Invalda LT.The fund manages €90m for 62,000 members and was sold for €3.3m.MP Pension Funds Baltics offers second and third-pillar pension funds.In a statement, MP Banki said it did not have a strategy to grow in the Baltics, and that there was “very limited synergy with other parts of our businesses”.last_img read more

Vanguard continues Australian transition with European institutional appointment

first_imgAsset manager Vanguard has announced Robyn Laidlaw will become its head of institutional business in Europe, transitioning from the US firm’s Australian business.She becomes the second high-profile transfer from Australia to Europe after the appointment of John James as head of Vanguard’s European business management distribution and operation.James will move over from managing director and head of Vanguard Australia to lead the European business.Laidlaw, currently head of product and marketing in Australia, will report directly to James. She fills the European head of institutional role after the untimely passing of Simon Vanstone late last year, after two years with the firm.Laidlaw joined Vanguard Australia in 2006 as an institutional sales manager and moved on to several roles in product development and product manager for the firm’s exchange-traded funds business.Prior to this, she worked in client management roles for Russell Investments and ING Investment Management.Subject to approval from the UK financial services regulator, Laidlaw will assume responsibility for the institutional business in June 2015.last_img read more

Brunel LGPS pool awards State Street $38bn custody mandate

first_imgDawn Turner, CEO at the BPP, said the partnership had already identified with State Street “areas where we can work strategically together to increase our value add to our clients including client reporting, risk management and transparency”.“The partnership we will have on integrating ESG reporting into State Street systems is very exciting,” she added. Turner was previously chief pensions officer at the Environment Agency Pension Fund (EAPF), one of the BPP’s founders and a vocal advocate of ESG investing.Andy Todd, head of UK pensions and banks, asset owner solutions at State Street, said: “We look forward to combining Brunel’s market-leading ESG expertise with our own suite of data innovation technologies to embed ESG in the investment decision-making process.” The BPP has also made nine appointments to its Bristol-based internal team as it prepares to take on assets.Matthew Trebilcock, currently head of pensions at the £1.7bn Cornwall Pension Fund, will transfer to the BPP next month to become a client relationship director. Faith Ward will join as chief responsible investment officer in November, transferring from the EAPF where she currently holds the same role. David Anthony will join in December as head of finance and corporate services. He is currently head of pensions at the £2bn Wiltshire Pension Fund.Another six staff from the Environment Agency, Cornwall, Wiltshire and Avon LGPS funds will also transfer to roles at the BPP in the next few months along with a number of external hires, the partnership said.In a statement, the BPP said its compliance and risk department was “fully populated” following the appointments, but it was still hiring for its investment, client relationships and operations teams, with the priority being a head of private markets. The Brunel Pension Partnership (BPP) has awarded a multi-service mandate to State Street worth $38bn (€32bn) as it presses ahead with its asset pooling project.The partnership, between 10 local government pension schemes (LGPS) in the south and west of England, has also appointed three senior staff from its founder funds.State Street is to provide a range of services to the BPP, including custody, accounting, performance measurement and foreign exchange, as well as analysis of environmental, social and governance (ESG) factors.It will also become the custodian and administrator for each of Brunel’s 10 LGPS clients from November this year. The funds are due to begin transitioning assets to the BPP from April next year, with the partnership aiming to manage the majority of their £23bn of combined assets.last_img read more

People moves: British Steel Pension Scheme appoints new chairman [updated]

first_imgGreenfield joined the BSPS trustee board last year after the restructuring. He is a former finance director for Royal Sun Alliance’s life insurance business, and has chaired the trustee boards of the Royal Insurance Group Pension Scheme and Pilkington Superannuation Scheme.Greenfield said: “Allan has made a significant contribution over the period of his chairmanship. Allan’s foresight and leadership over the last 12 years were critical factors in being able to offer members the opportunity of switching to the new scheme as an alternative to entry into the PPF.“Allan steps down as chairman with the scheme in good shape and I am pleased to say that I will be able to call on his knowledge and experience as he continues to serve as a company-nominated trustee director.”ATP – Allan Mikkelsen has left ATP Real Estate, having been deputy head of the ATP subsidiary’s foreign investments. Following the arrival of Martin Vang Hansen as ATP Real Estate’s new chief executive at the beginning of this year, changes are taking place at the operation, which hopes to have a new CIO appointed before the summer.Varma – Kari Jordan resigned as chairman of the supervisory board of Finnish pension fund Varma on 28 March, having been elected as a member of the board of directors for Nordic bank Nordea. Finnish law dictates that a supervisory board chair cannot also be a member of a bank’s board of directors. Varma’s supervisory board said it would elect a new chair at its next meeting on 16 May.EIOPA – The supervisory board of the European Insurance and Occupational Pensions Authority (EIOPA) has elected Sergio Álvarez Camiña as a new member of the regulator’s management board. Camiña is currently director general for insurance and pensions funds at the Directorate General Insurance and Pensions Funds, within Spain’s Ministry of Economy and Business. Members of the management board serve a two-and-a-half-year term, which can be extended once.ASR – Dutch pensions insurer ASR has proposed to reappoint Kick van der Pol as chairman of its supervisory board (RvC) for a two-year period. Van der Pol has chaired the RvC since 2008 and was due to step down in May. However, as the insurer hasn’t found a successor yet, he has agreed to carry on for a maximum of two years. Until recently, Van der Pol was chairman of the Dutch Pensions Federation.Annet Aris is also to step down as an RvC member in May. ASR said it was in the process of selecting a successor as well as an additional member of the supervisory board.DNB – Dutch supervisor De Nederlandsche Bank (DNB) has named Cindy van Oorschot as supervisory director for pension funds as of 1 May. She is to succeed Gisella van Vollenhoven, who is to return to the corporate sector, where she spent most of her career.Van Oorschot is currently head of DNB’s expertise centre for intervention and enforcement, and has worked at the regulator since 2010. She has also been head of asset management at DNB’s department for financial markets, head of the expertise centre for asset and liability management, and head of international insurance groups.GAM – The troubled Swiss asset manager has proposed three new board directors, subject to regulatory approval. Former Syz Asset Management CEO Katia Coudray, former group general counsel for Janus Henderson Jacqui Irvine, and ex-AIG CIO Monika Machon will all be proposed to shareholders at GAM’s annual general meeting on 8 May.The three nominated members will replace Diego du Monceau , Ezra Field and Monica Mächler , who have decided not to stand for re-election. Hugh Scott-Barrett is standing for re-election as board chairman, with Benjamin Meuli, Nancy Mistretta and interim CEO David Jacob standing for re-election as members of the board of directors.In December, GAM forecast a CHF925m (€825m) loss following heavy outflows, in particular from its fixed income products. CEO Alexander Friedman resigned in November as investors withdrew money and the company’s share price fell in the wake of the suspension of a senior fund manager.Detailhandel – The €20.6bn Dutch sector scheme for the retail industry has appointed Lieske van den Bosch as a trustee and member of the scheme’s advisory committees for finance and risk, and communications. Van den Bosch runs her own HR firm and is also a board member at the €3.4bn closed pension fund for the furnishing sector (Wonen). She was previously HR manager at Dutch furniture chain Leen Bakker.Fidelity International – The $379bn (€337.9bn) investment group has hired Andrew McCaffery to the newly created position of global CIO for alternatives and solutions. He will join in July and will be responsible for the development of Fidelity’s multi-asset, investment solutions design and real estate teams. McCaffery joins from Aberdeen Standard Investments (ASI) where he worked for eight years, latterly as global head of strategic client investments. He has also worked at BlueCrest Capital Management, Attica Alternative Investments, where he was CEO, and UBS.Aberdeen Standard Investments – In response to McCaffery’s departure, ASI has promoted Robert McKillop to the newly created role of global head of product and client solutions.The position will incorporate McKillop’s existing responsibilities for the group’s UK proposition, digital advice, product development and management along with “broader responsibility for solutions”, ASI said. The company has also created a new client solutions group, responsible for engaging with clients on “matters that impact their whole portfolio”.Edmond de Rothschild – The private bank and asset manager has appointed Christophe Caspar as head of group asset management. He joined in November as deputy CEO after 17 years at Russell Investments, where he was global CIO. Caspar replaces Vincent Taupin, who has been appointed group CEO. In addition, Cynthia Tobiano, chief financial officer, has been named deputy CEO.Intermediate Capital Group (ICG) – Zeina Bain has joined ICG as a managing director in its European subordinated debt and equity team. She will join in September from Carlyle Group, where she has worked for 18 years, most recently as a managing director in its European buyout team. In her new role, Bain will focus on sourcing opportunities for ICG’s European investment strategy, one of its largest franchises.MN – The €135bn Dutch pensions provider and asset manager MN has appointed Jannie Minnema as director of IT as of 1 May. She replaces chief finance and risk officer Liesbeth Sinke, who left in February and was also responsible for IT. Minnema has worked for software firm Oracle for more than 20 years, including as director operations and business development strategy since 2015. In her new role she will be responsible for IT systems and platforms for asset management, pensions administration, communications, and the design and construction of new applications. Last month, Ralk Rikze started as director for pensions and insurance at MN, succeeding Henri den Boer.Amundi – Europe’s largest asset manager has appointed Hamza Bahaji as head of engineering and solutions for indexing and smart beta, as part of an ambitious plan to double its assets under management in this area.Bahaji was previously at Natixis Asset Management for 12 years in a variety of roles, particularly in quantitative investment. Most recently, he was head of engineering and quantitative research at Natixis subsidiary Seeyond.Invesco – Colin Fitzgerald has been appointed head of EMEA distribution for the $946bn (€842bn) asset manager, a newly created role. He is responsible for the retail and institutional sales teams. He has worked at Invesco for four years as head of institutional sales for EMEA. Alex Millar, previously head of UK institutional and sovereigns, has been appointed to replace Fitzgerald in the EMEA institutional role. In addition, Ronnie Ahluwalia has been appointed head of key account management across EMEA and Esa Kalliopuska has been appointed chief operating officer for EMEA distribution.Fidante Partners – PeterPaul Pardi has been named head of Fidante Partners for EMEA and North America. He was previously global head of distribution at BNY Mellon and has also worked for private equity firm Arcapita, as global head of institutional fund distribution, as well as holding senior executive positions at PIMCO, Lehman Brothers Investment Management and Barclays Global Investors.Pardi will be responsible for growing Fidante’s business in Europe and North America by partnering with boutique asset management firms, the company said. Fidante forms distribution partnerships with boutique investors.Universal-Investment – The German investment house has hired Christian Reitz as head of digital transformation. He previously held a similar role at Union Investment.In his new role, Reitz is responsible for Universal’s digitisation strategy and “the implementation of new technologies, solutions and relevant services”, the company said. He will also seek to partner with financial and regulatory technology companies as part of the firm’s newly created emerging technology team.Universal said the appointment was the “next logical step” in its long-term corporate strategy to reach €500bn in assets under management by 2023.Fitch Ratings – Mervyn Tang has been named head of ESG research for the credit rating agency’s sustainable finance group. Based in Hong Kong, Tang will oversee a newly formed research team that will primarily focus on thematic and cross-sector ESG research using both internal and external datasets. Fitch said this research would complement the recently launched entity and sector level ESG research and analysis now being produced globally by Fitch’s credit rating analysts. Tang re-joined Fitch Ratings in March, having been at MSCI since 2017 where he was head of fixed income in their ESG research department. During his first period at Fitch, Tang was a director in its sovereign group in Asia-Pacific. He has also worked as an economist at the Bank of England and an equities analyst at Citigroup. Söderberg – Swedish pensions adviser and business insurer Söderberg & Partners has hired Roland Goldman, the former chief executive of risk manager Mandema & Partners, as director of mergers, acquisitions and franchise development. Goldman has been tasked with expanding Söderberg’s service provision in the Netherlands by attracting companies for partnerships, joint ventures and takeovers.Söderberg entered the Dutch market in 2017 through a partnership with Floreijn, an adviser on employee benefits. Pensions adviser Montae has also joined the group. BSPS, ATP, Varma, EIOPA, ASR, DNB, GAM, Detailhandel, Edmond de Rothschild, ICG, MN, Amundi, Invesco, Fidante, Universal, Fitch, SöderbergBritish Steel Pension Scheme – The £11.2bn (€13.1bn) pension fund for Tata Steel’s UK workers has appointed Keith Greenfield as its first independent chairman.He took over on 1 April from Allan Johnston, who has served as a trustee since 1994 and has been chairman of the trustee board since 2007. Johnston will remain on the board as a trustee.Under Johnston’s leadership, the British Steel Pension Scheme (BSPS) successfully negotiated a “regulated apportionment agreement” with the Pensions Regulator and the Pension Protection Fund (PPF) in 2017, restructuring the scheme to keep the bulk of its membership out of the PPF.last_img read more

Irish regulator announces pension scheme engagement programme

first_imgIreland’s Pensions Authority has announced an engagement programme with the country’s pension schemes to assess how they are meeting their governance and risk obligations.Focusing initially on large multi-employer schemes – both defined benefit (DB) and defined contribution (DC) – the supervisor’s programme will include:Completion of a questionnaire;Meeting(s) between trustees and the regulator, based on the completed questionnaire;A findings report including the regulator’s observations and, where appropriate, recommendations for improvement.The questionnaire will help the regulator assess a scheme’s governance standards and how these may affect good member outcomes. It will also, where appropriate, enable the assessment of how well a scheme meets the proposed requirements for master trusts published in June 2019, and other requirements of the IORP II directive, once this has been transposed into law.Grace Guy, the regulator’s head of supervision and enforcement, said: “The Pensions Authority is committed to improving member outcomes by implementing a forward looking and risk-based approach to supervision. This will involve more direct engagement with trustees involving dialogue and scrutiny about how well they are exercising their responsibilities to their members.”The programme will later be extended to all schemes.The Pensions Authority has previously held direct engagement meetings with trustees of schemes and said any feedback has been restricted to the pension scheme itself, although issues of general concern to the sector as a whole have given rise to alerts circulated by the regulator.Roma Burke, partner at LCP Ireland, said: “If feedback is amalgamated and shared in the engagement programme, it should help all pension scheme trustees to better understand what is expected of them.”Burke said that as the regulator is targeting larger schemes with this exercise, there is a good chance that these schemes have more resources to better address governance and risk management.“The Pensions Authority is committed to improving member outcomes by implementing a forward looking and risk-based approach to supervision”Grace Guy, head of supervision and enforcement, The Pensions AuthorityAccording to the OECD working paper on pension fund governance, good governance can spare pension schemes the costs of over-regulation, Burke said.She said: “I hope the supervisory approach adopted by the authority will be dictated by its assessment of a pension scheme’s risk profile – schemes judged to pose less risk could be subject to a lighter supervisory approach.”However, according to Burke: “The challenge for the regulator is also to implement a proportionate approach for smaller schemes who may simply not have the same resources available.”last_img read more

UK roundup: Aon on dwindling DB actuarial valuations

first_imgMatthew Arends at AonAon said the actions and aolutiona open to schemes range from gaining clarity over the covenant strength of a scheme sponsor, taking stock of the options available for recovery plans, and reviewing potential investment options.Arends said: “When it comes to measuring covenant strength for spring 2020 valuations, relying on the process from 2017 isn’t going to work.“Instead, there may be merit in forming a provisional view of covenant strength but waiting for a few months to monitor the actual progress by the sponsor before finalising the view.”“These are exceptional circumstances, so it will not only be funding plans that are affected – sometimes significantly so – by current events,” he continued.He said that this is a time to review long-term funding and investment plans as well. “Schemes’ existing plans may now look overly optimistic and simply not suited to the environment we are experiencing and expect to face in the short to medium term.”Barnett Waddingham on inflation and DB schemesAs the UK’s inflation rate, CPI, fell to 1.5% in March from 1.7% in February, Ian Mills, principal and senior investment consultant at Barnett Waddingham, has highlighted the positive impact of low inflation rates on final salary pension schemes.“The dip in the CPI inflation rate to 1.5% could be a precursor of lower inflation to come. The COVID-19 crisis is already having a huge impact on the economy and it’s inevitable that this will feed through to consumer prices.”He added that there could well be further falls in inflation in future months, “but while the nation remains in lockdown and market volatility persists, the lower inflation rate may warrant a glimmer of hope for the funding levels of some final salary pension schemes”.“If the lower inflation rate is sustained, it will ease the pressure for some DB schemes with sizable deficits,” he said, adding that employers of such schemes could then see the value of their liabilities drop, “offering a window of opportunity for struggling schemes to address their deficits and edge closer to their endgame”.For pension funds that are already in the process of de-risking, a lower inflation rate may accelerate the drive to make buyout a reality, he said.Mercer launches Financial Wellbeing hubMercer has today launched a complementary Financial Wellbeing resources hub to assist employers and their staff and pension members through challenging times brought on by COVID-19.The hub’s website, which provides practical information for employers to help their employees maintain their financial wellbeing, also includes an associated site with toolkits aimed directly at individuals.Both sites and all the resource within are free to access for employers, employees and their friends and families.The employer resource site will see regular updates on current and emerging best practices in financial wellbeing benefits and approaches.Mercer will also regularly post expert commentary and information around evolving government and financial institution assistance measures relevant to employers and their employees.The employee tool-kit site offers videos, podcasts and articles with practical financial information, money saving hints and tips, checklists and planners, and links to other useful association and government sites providing support and information.Sylvia Pozezanac, Mercer’s UK CEO, said: “Many organisations have been focusing on the immediate business and employee health implications of the coronavirus. As the economic impact of the pandemic comes to the fore, the short and long-term financial wellbeing of employees is now rising up the agenda.”She said that many companies like Mercer are “well aware that many families rely on incomes now affected by the many businesses impacted by COVID-19”.“Drawing on our own approach to financial wellbeing, as well as the personal experience and expertise of our colleagues across our business, we have created this hub of information to support and give back to our clients and their people.”A Mercer spokesman confirmed to IPE that Mercer’s own Master Trust also provides its own members with access to the hub. For a typical pension scheme with a liability value of £250m (€280m), a 6% worsening of funding level corresponds to deficit increasing by £15m, it added.Matthew Arends, head of UK retirement policy at Aon, said: “Actuarial valuations with effective dates on 31 March or 5 April 2020 will be anything but repeats of 2017 valuations, given the impact that COVID-19 has had on pension scheme funding and sponsor covenants.“And this is despite, in many cases, significant deficit contributions having been made over the last three years.”He added that the degree of impact of COVID-19 on scheme sponsors has also been “very mixed”.“Some sponsors have seen little impact so far, whereas others are badly affected, restricting the affordability of pension contributions,” he said, adding that the priority for schemes should be “to understand their specific circumstances – of both the scheme itself and of the scheme sponsor”.“Only then can they determine the appropriate actions for their particular scheme.” Aon has said that the actuarial valuations of a quarter of UK defined benefit (DB) pension schemes are likely to be badly impacted by the recent COVID-19-related disruption to financial markets.Using its Risk Analyzer tool, Aon has reviewed the movement in funding levels of 190 pension scheme clients since their last valuations in the spring of 2017. The analysis shows a very diverse range of experiences.While the last month or so has been challenging, overall across the last three years, the consultancy found that a quarter of schemes were likely to have seen an improvement in funding level, but half of schemes would have seen anything from little or no change to a 6% worsening in funding levels.Aon said the remaining quarter of schemes’ funding levels would have fallen by more than 6% due to market conditions.last_img read more

People moves: NN IP hires behavioural scientist; New lead for XPS master trust

first_imgXPS Pensions Group – Paul Armitage has become the new head of the pension consultancy’s defined contribution (DC) master trust, National Pension Trust (NPT). He was formerly head of distribution at NPT and takes over from Dave Hodges, who retired earlier this year.NPT became an authorised master trust in 2019 and provides benefits for more than 46,000 members with assets under management worth more than £750m (€820m).Ben Bramhall, co-CEO at XPS, said: “I am delighted that Paul will lead NPT as this is a key area for XPS and the future of the pensions industry. We believe master trusts and NPT in particular will play a vital role in the future of pension provision, offering schemes and their members the well-governed, low-cost options that so many need.“I would also like to thank Dave Hodges for his enormous contribution to the business over many years and wish him the best in his retirement.”HSBC Global Asset Management – Lane Prenevost has been appointed as global head of discretionary asset management and head of UK multi-asset, reporting to Jean Charles Bertrand, global chief investment officer, multi-asset. Prenevost will start his new role on 1 September and will be based in London.With nearly 25 years in the industry, Prenevost brings a wealth of multi-asset experience, most recently as global head of wealth investments for HSBC Wealth and Personal Banking, where he led a global team of investment analysts and product experts focusing on wealth management and multi-asset investment solutions.Since joining HSBC Group in 2005, Prenevost also held senior investment roles at HSBC Global Asset Management, including global head of wealth and multi-asset product, where he led the design of products for both retail and institutional investors. Before that, he spent 12 years at TD Asset Management in Toronto, Canada, where he was a senior portfolio manager responsible for multi-asset solutions.In his new role, Prenevost will be responsible for the multi-asset team in the UK and will also focus on enhancing the firm’s global discretionary asset management proposition for clients across HSBC.Alongside this appointment, Ashley Reid, current head of the multi-asset team in London, will leave the firm to pursue other opportunities.Longview Partners – The specialist global equity investment firm has announced the appointment of Jamie Carter as chief operating officer. Formerly CEO of Oldfield Partners, a value equity investment management firm, Carter’s appointment is effective from January 2021. He will be a member of the London executive committee.With extensive investment management experience in a variety of roles spanning more than 20 years, Carter brings valuable experience to Longview’s executive team. He will have a broad multi-disciplinary remit.Carter was one of the founding partners of Oldfield Partners in 2005 and was appointed CEO in 2013. He played a key role in the development of the firm over the last 15 years. Prior to this, he was a product specialist at Merrill Lynch Investment Managers, where he started his career in 1998.Mercer  – David Scopelliti has been appointed global head of private debt at the consultancy, based in its US office in Connecticut. Mercer said he had more than 30 years of experience in a variety of senior private debt and private equity roles. He has been CEO of Alcentra Capital Corporation, partner at GarMark Partners, a middle market debt and equity firm, and head of private equity and principal investment officer at the State of Connecticut Retirement Plans and Trust Funds, among other roles.Mercer has nearly $4bn in assets under management in multi-manager private debt strategies.House of Lords –  Brinley Davies, Helena Morrissey and Frank Field have been nominated for life peerages.Davies would be the first qualified actuary to enter either House of Parliament for more than 50 years, said the Institute and Faculty of Actuaries (IFoA), of which he is a fellow. It said his peerage was in recognition of his expertise on pensions policy and for his services as a qualified actuary, where he has worked principally for the trade union movement to improve and maintain standards of public and occupational pension provision. Davies founded Union Pension Services in 1989 to support trade union pension schemes, after leaving Bacon and Woodrow, now part of Aon. He will sit on the Labour benches in the House of Lords.  Field chaired the influential Work and Pensions Select Committee from 2015 to 2019. Morrissey is head of personal investing at Legal & General Investment Management, which she joined in 2017. She also founded the 30% Club, which campaigns for more gender-balanced company boards, and is chairwoman of the Diversity Project. She chaired the UK asset management associaton from 2013 to 2017, and was chief executive of Newton Investment Management from 2001 to 2016.Phoenix Group – The FTSE 100 long-term savings and retirement business has named the leaders of five business units established to drive growth in its Open business, which manufactures and underwrites products primarily under the Standard Life brand.Tom Ground has been appointed managing director of the retirement services unit, responsible for driving growth in bulk purchase annuities and exploring the equity release market. He will join Phoenix in January from Aviva, where he is currently managing director of annuities and equity release. He has also previously held senior roles at L&G and Accenture.The leaders of the other Open business units have been promoted from within Phoenix Group. They will report into Andy Curran, CEO of Savings and Retirement, UK and Europe, when he takes over from Susan McInnes.Phoenix, which also has businesses in Germany and Ireland, broadly divides its business into two segments, Heritage and Open. The Heritage segment comprises products that are no longer actively marketed to customers and has been built through the consolidation of over 100 legacy insurance brands. The Open business is underpinned by a strategic partnership with Standard Life Aberdeen following Phoenix’s acquisition of Standard Life Assurance Limited in 2018.Artemis Investment Management – The asset management firm has announced that Greg Jones will join the firm on 1 September as its head of distribution, replacing Jasper Berens who has left Artemis. Until 2019, Jones was head of distribution for EMEA, APAC and Latin America at Janus Henderson.Jones joined Henderson in 2009 through its acquisition of New Star, where he was a founder of the company’s UK investment funds business and managing director of New Star International Investment Funds. He started his career in 1985 as a portfolio manager for part of Sedgwick Group, before moving into sales and management with Schroders, Morgan Grenfell and Aviva. He has 35 years of experience in fund management. NN Investment Partners, XPS Pensions Group, HSBC Global Asset Management, Longview Partners, Mercer, House of Lords, IFoA, Phoenix Group, ArtemisNN Investment Partners – Roeland Dietvorst has been appointed lead behavioural scientist at the Dutch asset manager. He will be part of the innovation team based in The Hague and report to Arnoud Diemers, head of responsible investing and innovation.According to NN IP, Dietvorst is a faculty member at Singularity University Benelux, and lectures on neuroscience at several business schools such as INSEAD and Universiteit van Amsterdam. He specialises in understanding cognitive bias, and the dynamics between automatic versus deliberate mental processes. He was founder of Alpha.One, a consumer neuroscience strategy firm.NN IP said he would apply his understanding of behavioural science and neuroscience and apply techniques to better understand how the processing of information leads to decision making in order to advance the investment decision-making process.last_img read more

Retired lawyer sells luxury Gold Coast penthouse on Ephraim Island

first_imgWhat a view!Ephraim Island is an elite island enclave that helped transform the city’s north shore.Named after Ephraim Beitz, a Labrador fisherman, ­Ephraim Island was originally owned by Paradise Point pioneer Jim Hansford.In 1978 it was sold to ­companies associated with Gold Coast developer Jim Raptis who built the bridge from the mainland at a cost of $6 million.In 1991 it was sold to Japanese corporation KK Alpha Corporation for $45 million.KK Alpha had planned a $400 million Venetian-themed resort named Odyssey Island.However, those plans were torpedoed when KK Alpha, like many Japanese companies which had their fingers burned in the city in the ‘90s, struck ­financial difficulties and closed its Gold Coast offices in 1993. The living area.Selling agent Georgia Elson of Savills handled the off-market sale — it is the highest sale on the luxury island this year.“This is a unique property being one of Ephraim’s largest apartments with an exclusive lift lobby, three car spaces and uninterrupted views to the east, south and west,” Ms Elson said.The buyers were already living on Ephraim Island.Mr Lazarides advised on several Queensland developments including the Mirage hotels, Palazzo Versace and Harbour Town Shopping Centre.More from news02:37International architect Desmond Brooks selling luxury beach villa16 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago Ephraim Island Pde, Paradise Point.KK Alpha reaped just $10 million from the sale of the 9619ha site, in the middle of the Broadwater, when it sold the island to the Lewis Land Group of Companies in 1995.In 2001 Lewis Land, developer of the neighbouring The Sovereign Islands, joined ­forces with Mirvac in a joint venture to undertake the ­luxury $555 million project. Aerial view of Ephraim Island, Paradise Point. Picture Mike BatterhamMore than 500 people now live at Ephraim Island mainly in luxury apartments.Notable residents include motor racing great Dick Johnson and Queensland rugby league’s favourite son, the late Arthur “Artie” Beetson.The development features a 115-berth marina, restaurant, and day spa, with about 77 per cent of the island dedicated to open space.center_img RETIRED lawyer and development consultant Larry Lazarides and wife Maree (pictured in 2007) have sold their Ephraim Island penthouse for $2.6 million.RETIRED lawyer and development consultant Larry Lazarides and wife Maree have sold their Gold Coast penthouse for $2.6 million.The property is on the seventh floor in the Broadwater precinct on Paradise Point’s Ephraim Island. Retired lawyer and development consultant Larry Lazarides and wife Maree have sold their Ephraim Island penthouse for $2.6 million.last_img read more