Global

GLOBAL - South Africa's surging currency is creating all sorts of problems for fund managers, particularly those wedded to the holy writ of benchmark investing.

GLOBAL - UPS, one of America's largest employers, is calling on Congress to stipulate that multi-employer pension plans should be 90% funded before increased benefits can be negotiated.

Pension funds and corporate governance experts urged WHSmith to rethink its remuneration arrangements after a shareholder revolt at the retail giant's annual general meeting.

The Occupational Pensions Regulatory Authority has issued revised guidelines for trustees on late payment of contribution reporting.

Final salary scheme pensions will be worth up to £24,000 a year more than money purchase payouts under the £1.4m savings limit.

Structured product provider Nvesta is targeting mid-sized schemes with a new FTSE100 Index tracking fund.

UK - Employers could be forced to scrap their money purchase scheme contribution structures when European Union directives on age discrimination come into force, Aon Consulting warns.

Paul Myners is to publish a second report on institutional investment which will call for a complete overhaul of the proxy voting system.

GLOBAL - US venture capitalist Conduit Venture has invested in fledgling UK technology firm CMR Fuel Cells.

Abbey National Asset Managers is to shed 60 jobs after outsourcing the management of approximately £20bn of its assets to State Street Global Advisors.