Asia

MIDDLE EAST - Crédit Agricole Asset Management (CAAM) has formed a joint venture with Banque Saudi Fransi (BSF) called Caam Saudi Fransi, to provide asset management services in the Middle East.

SINGAPORE - Morningstar has replaced Mercer (Singapore) as investment consultant to Singapore's state pension fund, the Central Provident Fund Investment Scheme (CPFIS).

INDIA - Mercer has opened an office in India to research local asset and portfolio management service firms dealing with listed equities.

INDIA - The Japan Special Fund is to provide a US$1m grant to help India's transition to a new pension system.

ASIA - Standard Chartered Bank has appointed Hari Chaitanya as head of sales (custody and cash management) for South East Asia.

ASIA - Asset managers have seen a trend of European pension funds splitting regional allocations to Asia, following poor performances in Japan.

INDIA - The State Government of Kerala has repealed a 2002 order which made civil service and public sector workers sign up to contributory pension schemes when entering employment, according to a report in the New India Press.

CANADA - The government has enacted the Special Economic Measures Act on Burma, which has banned all Canadian people and financial institutions from investing in the region, also known as Myanmar.

SOUTH KOREA - The National Pension Service (NPS) has confirmed it is to invest almost US$22bn over the next ten years as it seeks to buy into energy and mineral resources.

JAPAN - Japanese pension plan sponsors have restored funding ratios to healthy levels and are exploring hybrid benefits structures such as cash balance plans, according to Greenwich Associates.