Global

Global firm William M Mercer has been appointed actuarial, administration and investment consultant for the ARVAL PHH defined contribution pension scheme.

State Street Global Advisors (SSgA), the investment management arm of State Street Corporation, has appointed Esperanza Duncan as credit analyst to its fixed income team in London.

State Street Bank in Munich, a wholly owned subsidiary of the Boston-based State Street Corporation, is to assist Volkswagen AG in developing and launching a company defined contribution pension fund.

Deutsche Asset Management (DeAM), has launched a passive investment management product, the Growth Optimal World Equity Portfolio (GrOWE).

Dunnett Shaw & Partners, the UK pensions IT consultancy firm, has announced the appointment of Craig Edgar as a senior consultant.

Merrill Lynch Investment Managers has appointed Peter Cannon as its new director of European high yield debt.

Northern Trust has hired Anne Lise Winge to head up the company's new business development efforts in the Nordic countries.

Royal London Mutual Insurance Society Limited (Royal London) has been ordered to shell out just over £15.4m by the UK's Financial Services Authority (FSA) for breaching rules related to the sale of its investment products.

CIBC Mellon has been appointed by Canadian Airlines to provide trustee and custodial services for its' C$2.6bn (US$1.69bn) pension fund.

Jerusalem Venture Partners (JVP) has announced the interim closing of its largest fund, JVP IV, with $350m in commitments. The new fund targets early-stage communications and Internet infrastructure companies.