SPAIN - The profitability of Spanish pension funds has fallen by 4.1% since the beginning of year, Mercer's Pension Investment Performance Service has found.

AUSTRALIA - The superannuation industry, led by custodians, will pursue a 'back to basics' agenda over the course of 2009, the Australian Custodial Services Association (ACSA) has said.

Falling markets have left some investments in defined contribution schemes worth less than the cash contributions made into them, PricewaterhouseCoopers says.

Hymans Robertson has promoted five of its investment and longevity risk management staff to partner.

Pension funds should accept some degree of responsibility for the investment practices which have cause the global economic crisis, the UN Principles for Responsible Investment Initiative says.

THE Local Authority Pension Fund Forum has urged companies to strengthen the link between executive pay and long-term performance.

UK - Falling markets have left some investments in defined contribution schemes worth less than the cash contributions made into them, PricewaterhouseCoopers says.

GLOBAL - AXA Investment Managers has reported a fall in assets under management of 12% due to "negative market effects".

US - The Teachers' Retirement System of the State of Illinois (TRS) has hired three managers for mandates totalling US$330m.

There has been a fundamental shift in people's attitude towards retirement and the industry must respond, Standard Life says.