The hunt for scale and lower costs through mergers and acquisitions is set to be an industry-changing trend over the next five years, State Street says.

JAPAN - First State Investments has opened an office in Japan and hired a new director of institutional business to help expand its reach in the institutional and pension fund market.

US/UK - Requests for securities lending services unbundled from custody arrangements are on the increase, officials at eSecLending say.

GLOBAL - The next decade will see employers improving the spend-down phase of their DC schemes, research by Mercer predicts.

CANADA - The Canadian Pacific Railway Company is to raise $350m through a debt offering and put the proceeds towards a C$650m ($630.6m) pension payment.

MALAYSIA - Malaysia's regulatory bodies are moving closer to revealing a blueprint for the implementation of a new third pillar voluntary retirement system.

Global Pensions editor Raquel Pichardo-Allison speaks to Morten Nilsson, head of ATP's international operations about the Danish pension fund manager's UK expansion plans.

UK/DENMARK - Global Pensions editor Raquel Pichardo-Allison speaks to Morten Nilsson, head of ATP's international operations about the Danish pension fund manager's UK expansion plans.

US - New Jersey's pension fund should put more money in alternative investments such as private equity and real estate to boost returns and protect against stock losses, consultants told the State Investment Council.

EUROPE - Multinationals with defined contribution plans in Eastern Europe are starting to favour pan-European vehicles instead, John Hall, head of the international consulting practice for EMEA at Mercer said.