US - The Teacher Retirement System of Texas has agreed to issue $6bn combined to Kohlberg Kravis Roberts and Apollo Global Management expanding its strategic partnership programme to the private markets.

US - The New York State Teachers' Retirement System posted returns of 23.3% in the 12 months ended 30 June, the highest one-year return in 25 years.

FRANCE - Alcatel-Lucent reported a pension and other post employment benefit (OPEB) deficit of €1.2bn ($1.7bn) in the third quarter down from an overfunding of €49m at the end of June.

The majority of European multinational companies would like to develop cross-border pensions but differing regulations among member states and uncertainty over changing European rules are giving plan sponsors pause, AEGON finds.

EUROPE - The majority of European multinational companies would like to develop cross-border pensions but differing regulations among member states and uncertainty over changing European rules are giving plan sponsors pause, AEGON finds.

DUBAI - Principal Global Investors has opened a new office in Dubai in an effort to expand its institutional business in the Middle East and has appointed Wassim Nasrallah as managing director and head of the region.

IRELAND - Underfunded pension funds will have to meet new risk reserves which could add 10% to its funding requirements and will have the ability to use sovereign annuities under the proposed new funding standard.

US - California governor Edmund Brown yesterday introduced a raft of state pension reforms that could introduce a hybrid scheme for new employees, increases the retirement age for new hires and increases pension contributions for all employees, among...

US - Defence contractor Lockheed Martin warned 2012 profits could be hurt by unexpectedly high pension costs.

US - Laurence Fink, chairman and chief executive of BlackRock, said billions of assets could flow into perpetual preferred shares issued by European banks looking to recapitalise as they face more stringent capital requirements.