Global

Pension fund for chemicals group Octel UK is on the verge of appointing replacement managers following the dumping of investment house Phillips & Drew (P&D) from a £300m active balanced mandate earlier this year.

Sarasin Investment Management (SIM) - the London thematic fund management subsidiary of Swiss private Bank Sarasin - has appointed Ian Hogg as deputy chief investment officer.

The Ontario Ministry of Finance has released a consultation paper on the distribution of defined benefit (DB) pension fund surpluses, which it claims is designed to find a balance between employers and employees in surplus sharing arrangements.

The average balanced Australian pension fund has had its worst financial year since 1988, returning only 5.4% according to the latest Mercer pooled fund survey.

Peter Carman, co-chairman and global chief investment officer at Citigroup Asset Management in the US is set to retire at the end of this year after a four year stint with the company.

The Federal Retirement Thrift Investment Board (FRTIB), which runs the approximately $1bn defined contribution (DC) Thrift Savings Plan (TSP), is suing American Management Systems (AMS) for $350m, claiming breach of contract and fraud on AMS' part.

Czechoslovakian Kamila Spurna has rejoined Credit Suisse Asset Management (CSAM) as chairman of its management board.

The Bank of New York has been appointed by Lincoln National Life (LNL) to provide custody and securities lending services for all its general account insurance assets.

Credit Agricole Asset Management (CAAM) in Paris, the fund management subsidiary of Credit Agricole, has set up a shop in Brussels for the Benelux region.

The io Group and AXA Real Estate Investment Managers have announced the first closing of the European Industrial Partnership (EURIP), the high-yield cross border industrial property fund.