AUSTRALIA - Industry Superannuation Property Trust, an Australian direct property investment manager owned by pension funds, plans to create a fund focusing on residential investments by the end of the year.

US - The California Public Employees' Retirement System (CalPERS) has welcomed plans by Massey Energy to upgrade its corporate governance practices.

GLOBAL - Private equity investment in emerging markets is again on the rise, with a 55% year-on-year increase over the first half of the year, research shows.

Private equity investment in emerging markets is again on the rise, with a 55% year-on-year increase over the first half of the year, research shows.

AUSTRALIA - The Local Government Super (LGS) has awarded specialist environmental investment firm Impax Asset Management Group an A$50M ($46m) segregated mandate.

CHILE - The controlling shareholder of Administradora de Fondos de Pensiones Habitat SA will sell 14% of the pension fund manager in an auction on Chile's main securities exchange.

DENMARK - The Danish government wants to set up a DKK5bn ($880m) venture capital pool with the country's pension funds to invest in small and medium sized domestic businesses.

US - The recession and an ageing population will force US social security to pay out more than it takes in for the first time ever this year.

US - The California Public Employees' Retirement System (CalPERS) has launched a review of all members who earn more than $400,000 a year following widespread public outcry over an official's salary in Los Angeles County.

Conflicts of interest are causing schemes to withdraw from high-risk areas even when all evidence points to the contrary, Ashmore Investment Management head of research Jerome Booth says.