THE average UK pension fund achieved an estimated weighted average return of -9.8pc over 2008, BNY Mellon Asset Servicing estimates reveal.

US - Two new Mexico-based pension funds and the Baltimore Fire and Police retirement system are among the US-based investors burned by the alleged US$50bn Ponzi scheme run by Bernard Madoff.

GLOBAL - Hedge fund manager CQS has achieved full compliance with all best practice standards monitored by the Hedge Fund Standards Board (HFSB).

PUNTER SOUTHALL has proposed a five-point action plan designed to reduce the pressure on private sector defined benefit schemes.

THE Financial Services Authority is set to end its ban on the short selling of stocks of UK financial sector companies.

US - The San Francisco City and County Employees' Retirement System (SFERS) has gone out to tender for a search firm to help it replace executive director Clare Murphy, says deputy director for investments David Kushner.

Age Concern East Sussex has joined multi-employer pension scheme The Pensions Trust.

Defined benefit pension schemes operated by small businesses are now virtually extinct with 91pc closed to new entrants, an Association of Consulting Actuaries survey shows.

Bellway faces shareholder revolt; BarCap predicts slump in hedge fund industry

Friends Provident is simplifying its fund choice for company pension schemes.