RREEF buys in Italy

US - Governor of California Arnold Schwarzenegger's administration has lost its court case bid to issue US$560m in bonds to cover government pensions

Tesco shareholders veto

The revolving door at the department for work and pensions has ushered in a new regime.

More "substantial effort" is needed to close the governance gap between contract and trust-based defined contribution schemes, a consultant claims.

ARCH Investment Group is set to launch a sustainable finance fund for pension schemes and other institutional investors.

SGAM Alternative Investments is set to launch a series of Shariah-compliant index funds linked to Standard & Poor's Shariah indices.

INCLUDING: SWITZERLAND - New index launch, AUSTRALIA - Farmers boost superannuation investments, UK - Legal eagle returns to PPF, UK - Sustainable finance fund launch, FRANCE - Standard Life Investments opens Paris office

GLOBAL - The merger of the Bank of New York Company and Mellon Financial Corporation has completed, creating the financial giant The Bank of New York Mellon Corporation.

UK - The Pension Protection Fund (PPF) has responded to criticism of its new pension fund index and invited actuarial firm Punter Southall to "discuss" its concerns with the organisation in person.