Ahead of the Curve

The lending environment is undergoing a worrying change. Funds that European direct lenders have raised but not yet deployed are at an all-time high and banks in most Western-European jurisdictions have renewed lending following years of reticence after the global financial crisis, leading to increased competition amongst lenders in the small and medium enterprise (SME) market.

Railways Pension Scheme (Railpen) – The multi-employer scheme for the UK’s railways industry has named Leo George as head of sustainable ownership, replacing Deborah Gilshan who will leave to join Standard Life at the end of March. George joined the pension scheme in 2009, and has overseen asset allocation for pooled funds, thematic investment research, and investment strategy. In his new role he will be responsible for “integrating sustainable ownershipconsiderations” for public and private market investments, Railpen said. Railpen also plans to hire an additional “senior governance professional” to its sustainable ownership team.

Standard Life/Aberdeen – The two asset managers, who announced a merger on 6 March, have moved to clarify how their respective chief executives will co-operate when they begin sharing the role post-merger. It followed questions raised in the media coverage of the deal about whether Martin Gilbert, CEO of Aberdeen, and Keith Skeoch, CEO of Standard Life, can successfully work together as co-CEOs.

According to a statement released by the companies, Skeoch will be responsible for the day-to-day running of the combined business, including its investment, pensions, and savings businesses. He will also oversee insurance joint ventures in India and China, as well as operations, finance,