Investment

UK - Swiss Re has confirmed it was the counterparty behind a £750m (US$1.2bn) longevity swap with the Royal County of Berkshire Pension Fund.

GLOBAL - Asset managers and pension plan sponsors are putting working on putting more focus on stress testing and identifying the underlying drivers of risk and return across asset classes in a major overhaul of risk management practices, a new survey...

AUSTRALIA - The first phase of the comprehensive review into Australia's superannuation system has steered clear of dictating investment practices, but argued that governance at super funds should be equivalent to practices at listed governance.

Great-West Retirement Services (Europe) has withdrawn from the competitive dialogue process for personal account scheme administration services.

BP has appointed Aegon to provide it with a UK defined contribution plan.

US - Morgan Stanley has hired former Merrill Lynch veteran Gregory Fleming as president of its investment management unit.

UK - Hermes Fund Managers has bought a majority interest in Sourcecap International, a growth oriented, active European equity manager.

Gartmore Group today announced an offer price of 220p per ordinary share for its initial public offering on the London Stock Exchange, valuing the company at around £676m.

EUROPE/CENTRAL ASIA - Pension funds in Europe and Central Asia should provide pension increases in line with cost of living indexes instead of wages to make the systems more sustainable, the World Bank said.

AUSTRALIA - Total estimated assets held by superannuation funds grew by A$114.5bn (US$104.7bn) to a total of A$1.2trn, an increase of 10.6%, data by the Australian Prudential Regulation Authority (APRA) revealed.