Schroders moves pension fund assets into bonds

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Schroders moves pension fund assets into bonds

Pensions & Life Assurance

Schroders moves pension fund assets into bonds
Schroders, an asset management group that has been at the forefront of change in the pensions industry, has announced that it has switched a large chunk of its £807m pension fund assets out of equities into bonds.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

We want value for money on pensions
Letter from Steve Webb MP regarding the FT report “Charges cap on pensions put in doubt by delay” (January 24).
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 12

Discounting the problem
Lex column comment on a new report from the Rockefeller Institute of Government which calls for changes to how public pension funds and governments value liabilities (the cost of pension promises to workers).
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 16

Payouts to rise by 30% in pensions revolution
Workers could increase their pensions by a third in exchange for fewer guarantees about retirement income, under a far-reaching pre-election shake-up of the industry planned by MPs.
The Times, p. 1-2

Collective pensions plan for workers
Workers will be able to increase their pension by up to a third in exchange for fewer guarantees about their retirement income under a planned shake-up of the industry backed by Steve Webb, the pensions minister, and Iain Duncan Smith, the Work and Pensions Secretary.
The Daily Telegraph, p. 14

Praise for BBC and BT pension schemes
The BBC and BT have been labelled as operating Britain’s most “responsible” workplace pension schemes. ShareAction, a charity, said that Rolls-Royce and Glaxo-SmithKline came at the bottom of their list, and were dubbed “laggards”.
The Guardian, p. 24

Mortgages & Residential Property

MORTGAGES
Nationwide has launched two new fixed-rate 95 per cent LTV mortgages priced at 4.99 per cent for new borrowers and 4.89 for existing mortgage customers.
Metro London, p. 51

Retail Banking

Lombard Odier Group
The private bank Lombard Odier Group has named Hugo Banziger as a managing partner. He is currently chairman of the board of directors at Eurex.
City AM London, p. 15

Customers fuming as cards are declined
Customers of Halifax, Lloyds, Bank of Scotland and TSB – all part of the Lloyds banking group – found themselves unable to withdraw money from cash machines or use their debit cards yesterday.
Independent i, p. 5

Lloyds latest to suffer hitch as ATMs go down
Thousands of Lloyds customers were frozen out of key banking services yesterday afternoon and evening as the bank’s IT systems went down. “We apologise that between 3pm and 6pm some customers were unable to complete their debit card transactions,” said a Lloyds spokesperson.
City AM London, p. 3

ECB looks at buying bank loans in battle to ward off deflation
On a panel at the World Economic Forum in Davos, the ECB president has signalled that he would be prepared for the European Central Bank to fight deflation in Europe by buying packages of bank loans to households and companies.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

FICC trading
Lex column comment on Fixed Income, Currencies and Commodities trading.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 16

Balance sheets hint at EU bank confidence
Focus on how banks are cutting their balance sheets at the slowest pace since the eurozone financial crisis in a sign of growing confidence in the region’s economic recovery.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

Citi to pay half of bonus in cash
Citigroup will reportedly pay most of its investment bankers in Europe at least half of their bonuses in cash this year, underlining how US banks continue to be much more generous than their European rivals.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

Thomson Reuters in push on benchmark submissions
Thomson Reuters is to unveil a push for banks to improve their submissions to benchmarks as the data provider faces a countdown to comply with toughened global guidelines designed to restore integrity to scandal-tainted fixings.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

India to end banks’ farm loan quota rule
Foreign banks in India including Standard Chartered, Citi and HSBC are set to earn a reprieve from onerous regulations forcing them to lend to farmers, in a move that could entice other international companies into the country’s fastgrowing banking market.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

High streets are warned that PPI mis-selling cash is starting to dry up
When the payouts by banks for mis-selling payment protection insurance (PPI) dry up, the high street could be hit by a spending drought.
Independent i, p. 40

Identifying risk-takers at banks
For investors who held stakes in large and complex financial institutions in 2008, the perils lurking inside these behemoths came as a costly shock.
International New York Times, p. 17

Bailout plan sufficient for ailing banks, official says
There will be enough money to recapitalize banks that fail a review by the European Central Bank later this year, top European officials said, seeking to assuage lingering doubts about whether policy makers will succeed in cleaning up the financial system and restoring the flow of credit.
International New York Times, p. 14

Another bank meltdown leaves shoppers stranded
A computer system crash caused customers of Lloyds, Halifax and TSB issues yesterday before the problem was resolved in the early evening.
Metro London, p. 19

Thousands of shoppers have bank cards rejected
Lloyds Banking Group customers expressed their anger last night after debit cards were declined in shops and cash dispensers failed to release money.
The Daily Telegraph, p. 1

Labour owes the banks
Letter about Labour banking policy.
The Daily Telegraph Business, p. 8

Lloyds customers hit by ATM and card problems
A Lloyds Banking Group spokeswoman has expressed awareness of difficulties with its cash machines and debit cards, with TSB chief executive Paul Pester tweeting an apology.
The Guardian, p. 10

Barclays to review Premier League deal
Members of Barclays’ management are concerned about the costs of its sport sponsorhip deals, according to The Guardian.
The Guardian, p. 26

Millions of bank cards fail due to computer glitch
Lloyds Banking Group apologised last night after a computer glitch rendered millions of its customers’ bank cards useless. An IT server malfunction affected around a quarter of the group’s combined 35 million customers, some of whom took to Twitter with “embarrassing” experiences of being “declined” at supermarket checkouts.
The Independent, p. 14

Banks’ IT glitch leaves customers at a loss
Lloyds, TSB and Halifax customers were left stranded at petrol pumps and in supermarket checkout queues after an IT problem affected card users yesterday afternoon.
The Times, p. 3

Round Up

Jobs data force Carney to seek out a more enduring policy
Focus on comments regarding forward guidance made by Mark Carney at the closing session of the World Economic Forum in Davos.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

BoE did not make simple link on interest rates and jobless
Letter from Brian Quinn, former acting deputy governor and executive director, Bank of England.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 12

Fundamentally good reasons for failure
Mark J. Carney’s great policy innovation has been abandoned after just five months.
International New York Times, p. 18

Carney tells bankers to cut out bad practices
Bank of England Governor Mark Carney told a group of senior bankers that dealing with the legacy of past wrongdoing is becoming the most pressing issue for the industry.
The Daily Telegraph Business, p. 1

Ensuring our small businesses realise their global ambitions is the best way to improve exports
Comment on Britain’s economic recovery.
The Daily Telegraph Business, p. 2

The above articles appeared on 27.01.2014. Reproduced with the kind permission of Kantar Media UK. All rights reserved.

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