JAPAN - Japan's $1.4trn Government Pension Investment Fund (GPIF) returned -2.94% in the quarter ended June 30, equating to a loss of $42bn in assets.

US - CalSTRS and CalPERS have jointly filed a law suit claiming the California governor violated the state constitution when he put in place a three day per month furlough and wage cuts.

US - The Securities and Exchange Commission yesterday approved new proxy rules that give shareholders more say over who sits on corporate boards.

ASIA - Nikko Asset Management has hired the former Morgan Stanley Investment Management chief executive for Asia to help the Japanese firm continue to expand throughout the region.

US - The Missouri State Employees' Retirement System (MOSERS) returned 14.3% for the year ended June 30 with returns driven in part by strong performance in emerging markets.

NORWAY - The Norway Pension Fund Global has divested from two Israeli companies and a Malaysian business claiming the firms engage in "grossly unethical activity".

SOUTH KOREA - National Pension Service, South Korea's biggest investor, said it is in talks to buy into a US oil pipeline to diversify its portfolio.

GLOBAL - Plan sponsors are in the midst of an unprecedented amount of custodian turnover, says J.P.Morgan Worldwide Securities Services managing director and head of pensions Benjie Fraser.

FRANCE - The Fonds de Réserve Pour les Retraites was down 4.2% in the second quarter, reversing gains in the first three months of the year.

US - The Teachers' Retirement System of the State of Illinois (Illinois TRS) plans to hire up to 12 absolute return managers over the next three years as officials move to double its allocation to the asset class.