Investment

Interserve is set to close its defined benefit scheme to future accrual for all non-passport members from the end of this year.

The Bank of New York Mellon will acquire Insight Investment Management from Lloyds Banking Group for £235m.

NETHERLANDS - Kempen Capital Management has raked in fiduciary management mandates worth €800m (US$1.1bn) from five different investors, the firm announced.

US - Corporate pension funds outperformed all other institutional investors in the quarter ending June 30, according to data from consulting firm Wilshire Associates.

The aggregate funding position - total assets minus total liabilities - of defined benefit schemes improved by over £40bn over the last month, the Pension Protection Fund says.

Friends Provident has signed a contract with technology provider FNZ to provide an enhanced workplace platform to be delivered during 2010.

Friends Provident's board has recommended shareholders accept the latest acquisition offer from Resolution.

CHINA - The China Investment Corp. (CIC) announced returns on its global portfolio of -2.1% in 2008 in the sovereign wealth fund's first publicly reported annual report since its inception.

More than nine-tenths of senior industry figures expect "unsustainable" defined benefit schemes to continue to close to existing members because of cost pressures on sponsoring employers, latest Penrose Financial research reveals.

Government plans to gradually raise the retirement age to 68 may be increased to 70, David Norgrove predicts.