GLOBAL - Many sovereign wealth funds did not rebalance in the wake of the financial crisis, suggesting their roles as pension providers has lost importance, one expert said.

SWEDEN - The default investment option for Swedish investors will now be lifecycle funds, after a government directive mandated that individuals' assets should de-risk as they age, confirmed Richard Grottheim, executive vice president at AP7.

AUSTRALIA - Australian superannuation fund UniSuper has bolstered its new advice service, which is due to launch later this year, with two appointments.

SWITZERLAND - Martin Currie Investment Management has tapped Dominik Issler, chief executive of Fortis Investments/ABN Amro Asset Management, Switzerland, to lead its expansion into the country.

AUSTRALIA - A new report by the Australia Institute called for the creation of a government-backed universal default fund option that would cap fees at 1% of total assets managed.

SINGAPORE - The Government of Singapore Investment Corp. (GIC) reported losses of 20% on its investments today for the year ended March 31, but said it has since recovered half of the year's losses on the back of rising equity markets.

US - Five pension funds have filed an amended complaint against Bank of America (BofA) alleging the firm mislead investors in the lead-up to the bank's acquisition of Merrill Lynch.

AUSTRALIA - Confidence among Australian fund managers in local markets is at its highest level since 2005, according to the latest Russell Investments Manager Outlook.

CANADA/US - A unit of the Ontario Teachers' Pension Plan (OTPP) will take a stake in Simmons, the US-based mattress maker said as it outlined its bankruptcy and restructuring plans.

BRAZIL - Brazilian pension funds may sell as much as 70bn reais ($39 billion) of government bonds after falling interest rates led regulators to lift limits on investing in non fixed-income assets, according to SulAmerica Investimentos.