AUSTRALIA - Seven financial services organisations have formed an alliance to support the Federal Government in the delivery of its SuperStream initiatives and to provide better service to their members.

US - The California Public Employees' Retirement System (CalPERS) is considering dropping Deutsche Bank subsidiary RREEF as manager of a $570m real estate portfolio in favour of Canyon Capital Realty Advisors.

US - Pittsburgh had the outlook on its debt revised to negative from stable by Standard & Poor's, which cited rising financial pressures tied to the city's pension system.

DENMARK - Two of Denmark's largest pension funds have acquired 50% ownership of a major offshore wind farm.

US - The Federal Home Loan Mortgage Corporation (Freddie Mac) has won the dismissal of a putative class action securities lawsuit from pension funds who believed the company misled shareholders about financial risks.

GLOBAL - Local currency emerging market debt (EMD) will continue to outperform other asset classes as few others can offer comparable returns from income, capital gains and FX appreciation, Baring Asset Management believes.

US - A Pennsylvania pension fund has accused officials at Cephalon of "failing to act" in the best interests of investors regarding a $5.7bn buyout bid by rival Valeant Pharmaceuticals International.

SWEDEN - AP4 has agreed to sell half its shares in property manager Dombron Stakeholders to pension provider AMF for SEK400m ($63m).

US - State and local government pension fund assets rose by 5.5% in the last quarter of 2010 as stock market gains helped recoup losses incurred since the financial crisis.

US - California Governor Edmund Brown has proposed a set of seven bills aimed at eliminating public-employee pension abuses in the state.