Products October 24, 2014

CPAS Offers Overseas Pension Payments Solution

A new partnership between Western Union Business Solutions and CPAS helps make seamless pension fund payments for U.S. retirees living abroad.
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To meet the needs of retirees who move overseas, Western Union Business Solutions and CPAS have created a platform for efficient, international delivery of pension payments. CPAS clients can use the payment network of Western Union Business Solutions, which plans to offer an integrated solution through CPAS software.

Clients have access to international direct deposit capabilities; identity checks for overseas pensioners through Global Existence Transaction service; and an integrated pension administration platform.

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The Global Existence Transaction service is a new pension payments product that enables identity checks for overseas pensioners. A face-to-face interaction has the beneficiary provide photo ID at one of approximately 300,000 participating Western Union Agents worldwide. So far, pension funds have recorded more than 5% savings on annual pension disbursements through use of this product.

“Western Union Business Solutions has proven success in this industry, processing over 10,000 pension payments per month to international retirees,” Jonathan Rees, North American managing director of Western Union Business Solutions, said in a statement. “Both Western Union Business Solutions and CPAS have extensive experience and nuanced understanding of the pensions industry and the challenges of paying overseas beneficiaries.”

Processing benefits to offshore retirees carries expense for both pension plans and to the retirees themselves, David Rive, managing director of CPAS said in a statement. “The process is slow, burdened with fees, and exposed to the threat of fraud,” he said. “Our new partnership with Western Union Business Solutions helps us mitigate these problems.”

Western Union Business Solutions is a division of the Western Union Company.

CPAS Systems Inc., in Toronto, is a global pension payments and administration software provider, and a Xerox company.
Deals & People October 23, 2014

LGIMA Expands Index Team with Two U.K. Members

Drew Miyawaki and Aodhagan Byrne, both members of the U.K. operations of Legal & General Investment Management America Inc. (LGIMA), have joined the U.S. division.
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Miyawaki, head of global equity trading, will oversee equities trading and be directly responsible for execution of all North American equities. He joined LGIMA’s U.K. unit, LGIM, in December 2011 from Knight Capital, where he was director of global program trading. Prior to that, he was the head of international trading at Liquidnet, where he helped build the electronic trade offering of the global crossing network. Miyawaki started his career in 2000, when he worked in a number of trading capacities in algorithmic and program trading at the U.S. broker/dealer Jefferies. Miyawaki holds a bachelor’s degree in behavioral science from Drew University.

Byrne, an index portfolio manager, will manage North American Index strategies at LGIMA.  He joined the LGIM Index Funds team in February 2012. Previously, he spent seven years as an index fund manager with Irish Life Investment Managers, managing equity and fixed-income funds. Prior to that role, Byrne worked for five years as a software engineer with Xilinx.

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Miyawaki and Byrne will be based in Chicago and will report locally to Chad Rakvin, head of U.S. index funds for LGIMA, working alongside Shaun Murphy, director of index funds.

The U.K.-based LGIM provides index fund management services to clients in Europe and Asia, and has more than $483 billion of index funds under management as of June 30, 2014.  

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