Lehman Brothers moves to sell asset management stake; RAB Capital warns investors over fund; Fannie Mae and Freddie Mac rescue nets $1.7bn for Bill Gross

The countdown for submissions for the Specialist and Alternative Investment Manager Awards is now underway.

THE department for work and pensions is considering options to relax the rules on returning scheme surpluses to employers, PP has learned.

NORTH AMERICA - Oil companies should be forced to factor in the carbon cost of extracting future reserves when reporting, according to a letter delivered to the Securities and Exchange Commission (SEC).

US - The Nevada Public Employees' Retirement System (PERS) has US$6.3bn of total unfunded liabilities, analysis by the Las Vegas Chamber of Commerce has revealed.

The Pensions Regulator should have released its final conflicts of interest guidance to coincide with new legislation in the Companies Act, a lawyer says.

AUSTRALIA - The opposition coalition has pressed ahead with plans to force through a AUS$30 (US$23.80) a week raise in the basic state pension.

LEHMAN BROTHERS is set to sell a majority stake of part of its investment management division.

US - CalPERS has recouped $30m from former UnitedHealth Group (UNH) chief executive officer William McGuire; the largest cash recovery ever obtained from a single defendant in a securities class action lawsuit.

GLOBAL - The convergence project between the International Accounting Standards Board (IASB) and the US' Financial Accounting Standards Board (FASB) is on track for completion in 2011, both bodies have said.