CZECH REPUBLIC - Prime Minister Petr Necas said the three ruling-coalition parties have moved closer to an agreement on how to overhaul the pension system which he sees as the "crucial" task for the government.

EUROPE/US - Pension funds and other institutional investors are shifting away from traditional equity and bond allocations in favour of alternative asset classes, research from bfinance shows.

US - The State of Michigan has taken legal action against Countrywide Financial Corporation in a bid to recover $65m for its public pension funds.

UK/US - State Street has teamed up with F&C Investments to provide an environmental, social and governance (ESG) reporting service to help investors meet their stewardship goals.

US - Orange County, California has lost its appeal of a lower court's ruling that a 2001 retroactive increase in retirement benefits for the county's deputy sheriffs didn't violate the state's constitution.

California-based dynamic asset allocation specialist First Quadrant has launched a new investment strategy in the UK aimed at offering defined contribution plans a more diversified default option.

US - California-based dynamic asset allocation specialist First Quadrant has launched a new investment strategy in the UK aimed at offering defined contribution (DC) plans a more diversified default option.

US - The Missouri State Employees' Retirement System (MOSERS) posted returns of 16% in 2010, ending the year with nearly $7.7bn in assets.

EUROPE - European leaders are winning over investors as they try to keep the single-currency bloc intact, raising the appeal of the region's so-called rescue bonds, said Timo Loeyttyniemi, the head of Finland's state pension fund.

NETHERLANDS/US: Dutch pension funds APG and PGGM have agreed to sell AlpInvest Partners to the Carlyle Group and AlpInvest's management for an undisclosed sum.