Investment

The Alternative Investment Management Association has called for the implemented form of the Alternative Investment Fund Managers Directive to be flexible, proportionate and based on the principles of openness and transparency.

GLOBAL - BNY Mellon has launched a new Sovereign Institutions Group to cater for sovereign pension plans, wealth funds and central banks.

Pension providers have been told to make sure they encourage customers to shop around before offering them an annuity.

The trustees of the £50m Pizza Hut Investment Plan have appointed Mercer to provide the closed scheme with implemented consulting.

A growing number of US firms are reducing benefits offered to staff and looking to rebalance pension funding between employers and employees, research by BNY Mellon Asset Servicing shows.

US/UK - Royal Bank of Scotland has won a court ruling which dismissed a class action by two US pension funds claiming they suffered "massive" losses during the financial crisis.

UK/US - AllianceBernstein is to launch a range of off-the-shelf target date funds for trust and contract- based defined contribution schemes.

US - The State of Wisconsin Investment Board (SWIB) has allocated $600m to two risk parity strategy managers as part of its multi-asset allocation within the Wisconsin Retirement System (WRS).

The National Association of Pension Funds fears the Pension Protection Fund's proposed levy approach will penalise schemes for holding equities and reward them for holding gilts.

Government should address current insolvency laws to stop pension schemes becoming "super-creditors" following the Nortel and Lehman Brothers ruling, the Confederation of British Industry says.