Fiduciary managers are teaming up with the National Association of Pension Funds to develop a standard definition of the service, set to be revealed next year.

JAPAN - Sumitomo Trust and Banking Co. has announced plans to buy Citigroup's Japanese asset management arm, Nikko Asset Management, for JPY112.4bn (US$1.2bn).

US - The Pension Benefit Guaranty Corp. has terminated the combined US$2.5bn mandates awarded to BlackRock, Goldman Sachs Asset Management and JPMorgan, but denies the move is a result of controversy surrounding the appointments.

Consultancy firms Towers, Perrin, Forster & Crosby and Watson Wyatt will merge, the two firms announced yesterday.

Following the volatility in currency markets, investors have returned to hedging and are looking at ways of reducing risk, as Raquel Pichardo-Allison reports

FRANCE - The French pension fund Fonds de Réserve pour les Retraites (FRR) is searching for managers to run global exposures mandates spanning various asset classes.