The Universities Superannuation Scheme has appointed UBS Global Asset Management - Fund Services to deliver hedge fund of funds administration services.

GLOBAL - Expansion will become the dominant driving force of mergers and acquisitions in the global asset management sector, according to Jefferies Putnam Lovell.

AUSTRALIA - The Australian Bureau of Statistics has unveiled the Pensioner and Beneficiary Living Cost Index (PBLCI), providing a measure of price changes in living cost as they affect pensioners.

GLOBAL - HSBC has unveiled its first European ETF, the HSBC FTSE100, which is listed on the London Stock Exchange.

AUSTRALIA - Australians could be better off in retirement if the superannuation industry adopts a whole-of-life investment outlook, according to Mercer.

The Financial Services Authority will give a fifth of its employees a 10% pay rise to compensate for the closure of its final salary scheme next year.

EUROPE - Pension scheme deficits have significantly increased over the last year and will continue to worsen, according to Barclays Capital.

US - Six firms have agreed to calls by the California State Teachers' Retirement System for greater diversity in their board of directors.

Barclays UK Pension Fund has appointed Andre Konstantinow as head of manager selection.

US - The California Public Employees' Retirement System has filed legal action for judicial review of the state's furlough programme.