ALLIANCE Trust Asset Management has launched two new Asian equity funds.

PATERNOSTER has appointed F&C Asset Management to carry out its derivative trades.

CORDEA SAVILLS has launched a new land development fund for institutional investors.

CHINA - China's "decentralised, fragmented and inefficient" pension system has strained local government's finances and is in need of urgent reform, the International Monetary Fund said.

A Royal Mail share scheme designed to raise funds to help eliminate a £5.6bn pension deficit has been dismissed as "perverse" and "unconvincing" by the government.

FUNDING targets are set to exceed scheme liabilities forcing employers to dig deep to wipe out deficits, says Mercer HR Consulting.

US - An Alternative Investments Compliance Association (AICA) has been created to encourage communication among industry players and stimulate the sharing of compliance best practices.

PLANS to publish a separate White Paper on personal accounts have been labelled "infuriating" by industry experts.

AUSTRALIA - Jana Investment Advisers has topped an exclusive Global Pensions survey of Australian investment consultants' manager research capability, while Aon came last.

SCHEME liabilities have fallen to their second lowest level in four years in the wake of rising bond yields and favourable investment markets, says Watson Wyatt.