INDEPENDENT Trustee Services has appointed Peter Askins and Mike Edis as directors.

US - The California Public Employees' Retirement System (CalPERS) has joined with other municipal bond issuers to urge rating agencies to reform their methods for rating government-issued bonds.

Equities blow to pension deficits; ABI turns up pressure on M&S over £450,000 payoff for chairman Lord Burns; Stocks tumble across the globe

UK - The Morgan Crucible UK pension scheme has transfered the pensioner risks of both its main and senior schemes to Lucida, in a buyout deal worth £160m (US$323m).

AUSTRALIA - CitiStreet has criticised the 'Choice of Fund' regime, claiming administration costs are set to triple by 2012.

UK - Changes to the employer debt regime will provide further challenges to a pensions industry already overburdened by regulation, experts have warned.

UK - The $1bn (US$2bn) Somerset County Council Pension fund has said it intends to move into the alternate asset space with a £30m allocation to an active emerging markets mandate.

INCLUDING: HONG KONG - FourWinds opens in Hong Kong; AUSTRALIA - van Eyk appoints investment research head; UK - Variable annuities find favour

THREADNEEDLE has launched a long-short hedge fund to focus on Asian equity markets.

Bear Stearns sale sparks global equity and dollar sell-off; Northern Rock set to lose thousands of jobs to earn EU approval; Gold breaks through the $1000 an ounce barrier; Berlin to raise state pensions