Pension chief wants kitemark for funds; Equitable Life announces financial strength; RSA sheds US operations; Increase in hostile bids causes M&A boom

AUSTRALIA - The $6.85bn Government Employees Superannuation Board (GESB) achieved an impressive 28% return on investments for the 2006 financial year, increasing assets under management (AuM) by $1.5bn.

SPAIN - The social security system would be unsustainable without the contributions made by immigrants, said Spanish labour minister Jesus Caldera.

CHINA - Nordea said it has no plans as yet to establish an investment banking presence in the lucrative Chinese market. The bank announced yesterday it would apply for a banking licence as it bid to expand its Chinese presence.

HEWITT ASSOCIATES is set to host a series of half-day seminars on current issues in the retirement sector.

MELLON Global Investments has added a global alpha hedge fund to its Dublin based umbrella product.

UK - The Transport and General Workers Union (T&G), said today the company's pension proposals were still "unfair and unacceptable", after British Airway's statement on the actuarial review.

THE ASSOCIATION of Corporate Trustees has appointed Graham Withers as chairman of its pensions committee.

Ministers will condemn future pensioners to penury if they protect cheap government borrowing by limiting access to alternatively secured pensions, a lawyer warns.

LEHMAN BROTHERS has hired Gareth Derbyshire and Jos Vermeulen to its European pensions advisory group.