Asia

ISRAEL - Credit Suisse has announced the opening of a dedicated office in Israel to provide a wide range of financial services for clients in the region, including asset management and investment banking.

Mercer has set up an office in Dubai, to serve as its Middle East operations hub.

INDIA - The Pension Fund Regulatory and Development Authority (PFRDA) has announced sweeping changes to the government New Pension Scheme (NPS).

PHILIPPINES - The Government Service Insurance System (GSIS) has appointed Citibank as global custodian for its US$1bn Global Investment Program (GIP).

ASIA-PACIFIC - The adoption of defined contribution (DC) pension schemes has grown rapidly to cope with the effects massive demographic shifts towards elderly populations, a report by Allianz Global Investors (AGI) has shown.

PHILIPPINES - The Government Service Insurance System (GSIS) has awarded mandates for its $1bn Global Investment Program (GIP) to ING Investment Management and Credit Agricole Asset Management.

SINGAPORE- Janus Capital Group Inc has opened an office in Singapore to target the institutional and wealth management markets in South East Asia.

PHILIPPINES- The Government Service Insurance System (GSIS) said it would name the fund managers and global custodian for its US$1bn venture into foreign capital by the second week of October.

SOUTH KOREA - Prudential Investment & Securities Co. Ltd (PISC) is to launch a utilities fund for institutional and private investors in the South Korean market, sub-advised by ANB AMRO.

JAPAN - Nobu Shimizu, the former director-general of the investment management department at the Y110trn Japanese Government Pension Investment Fund (GPIF), has left the organisation and moved to an independent administrative corporation.