GLOBAL - The European Central Bank will have to "engage in de facto fiscal policy" if the region's authorities wish to avoid a sovereign bankruptcy, according to Paul McCulley, a managing director at Pacific Investment Management Co.

Incisive Media, publisher of Global Pensions, has won the prestigious AOP Award for Best Digital Publisher - Business.

US - AXA Rosenberg's cofounders are selling their 25% stake in the firm to its parent company and Barr Rosenberg will step down from the board two months after the company announced a coding error in its investment process.

US - The California State Teachers' Retirement System has teamed up with two other investors to sue officers and directors at Massey Energy for alleged safety misconduct, the pension fund said.

PERU - Peru's pension funds are seeking new markets to diversify away from the country's mining stocks, said Mariano Paz Soldan, general manager of the Profuturo AFP pension fund.

UK/GLOBAL - Strategy diversification is key to developing a currency portfolio that offers downside protection, currency experts said.

US - State Street Global Advisors has named Kristi Mitchem, former head of BlackRock's US defined contribution business, its new global head of DC, SSgA announced today.

CANADA - The Canada Pension Plan Investment Board is "very focused," on investments in emerging markets, Chief Executive Officer David Denison said.

US/NETHERLANDS - Dutch pension fund manager PGGM has formed a joint venture with Inland Real Estate Corp. that will invest US$270m in the US retail market.

US/UK - Deficits for US and UK pension funds have rocketed over the past one to two months as schemes were hit by the double whammy of falling interest rates and dropping equity values.