News in brief 06 July 2018

Legal and General’s mastertrust has surpassed £5bn in assets under management.

The scheme, which was launched in 2011, has over 80 schemes with around 800,000 members. The firm says the growth is down to the fact that managing defined contribution schemes has become more complex for employers, who are contending with “rising costs, greater governance and regulatory pressures”

Legal and General head of DC, Emma Douglas, said: “Even the biggest schemes have constrained resources. The master trust route allows employers to focus on other priorities, such as member engagement, and to feel confident that the governance of their scheme is in good hands.”

Almost £1.2bn flowed out of the UK equity markets in May, according to AJ Bell.

The investment platform said that it is the biggest outflow recorded since the Brexit vote, and now takes the total amount to have flowed out of the UK to £9.1bn since June 2016. The group also recorded a £361m inflow of bonds, while total assets under management fell by 7 per cent.

A new supervisory framework for pensions in Guernsey has delivered an uptick in pensions business.

Guernsey Financie has said that the new regulatory regime, implemented on 1 July 2017, has enabled more firms to bring international pension products to the island. The framework means that the scheme themselves are now regulated, as well as the trustees of the pension scheme.

Trustee and governance firm PTL recorded an 11 per cent year-on-year growth as on 30 April 2018.

The growth was matched with 23 appointments throughout the year, after a new management team was appointed to ensure it could meet “standards expected of professional trustees". The firm launched its transition cost value assessment solution in January, as transparency continues to grow the business initiative.

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