Investment

AUSTRALIA - The median Australian superannuation fund finished the year with a 15.1% return, but has yet to recover from the losses suffered during the global financial crisis.

Hermes Equity Ownership Services has established a private equity service with the hire of Tom Rotherham as associate director for private equity.

Defined contribution default investment strategies are a "cop out" by trustees, an independent trustee firm says.

The Pensions Regulator has urged scheme trustees to review their securities lending practices.

UK - The Pensions Regulator has urged scheme trustees to review their securities lending practices.

The Financial Reporting Council has begun consultation on a stewardship code setting out good practice for institutional investors when engaging with UK listed companies.

NORWAY - Officials at Norges Bank Investment Management (NBIM), manager for the Government Pension Fund Global, have written to the Ministry of Finance to defend its use of active management, as the future use of the investment strategy comes under question....

MEXICO - The country's pension fund assets rose 22.8% in 2009 to MXN1.15trn (US$90.8bn), according to data released by the Comisión Nacional del Sistema de Ahorro para el Retiro (CONSAR).

Almost half a billion pounds of pension funds were transferred abroad in the first two years after pensions simplification to escape alternatively secured pension tax penalties, A J Bell says.

US - The California Public Employees' Retirement System, the largest U.S. public pension, said private investment firms paid at least $125m to placement agents for help winning contracts to manage the fund's money.