Global

Terry McCaughey, chief operating officer at Deutsche Bank Global Securities Services (DBGSS) has left his position as a result of internal restructuring.

Emerging markets claimed the overall prize for equity performance for the month of May, according to index group FTSE.

CalSTRS, the $115bn (£81bn) California State Teachers Retirement System, is set to make a $20m co-investment in Force 10 Networks, subject to approval from the fund's investment committee.

Quebec's giant pension fund, the US$81bn (C$125bn) Caisse de dépôt et placement du Québec (CDP), has made a US$2.5m venture capital investment in Micro-Optics Design.

The UK's Association of Consulting Actuaries (ACA) has deemed Paul Myners' investment recommendations unsuitable for smaller pension schemes.

South African insurer Old Mutual has suffered a defeat in the Supreme Court of Appeal after the firm paid out R32m ($4m) worth of pension fund assets to the fund's parent company.

Frank Russell has launched a new multi-manager hedge fund, aimed at institutional and individual investors based outside the United States.

The $30bn Massachusetts Pensions Reserves Investment Management Board (PRIM) is conducting a search for high yield and timber investment managers.

Drivers Jonas, chartered surveyors, has been appointed by Scottish Widows Investment Partnership to value the Lloyds TSB Life Property Fund and the Lloyds TSB Property Pension Fund.

The Florida State Board of Administration (FSBA), which runs the $100bn Florida Retirement System (FRS), could soon be allowed to invest in tobacco stocks again, despite the objections of anti-smoking and health groups.