Global

CalPERS, the worlds largest pension fund, has picked Blackstone Alternative Asset Management (BAAM) as the strategic advisor for the its $1bn hedge fund program, subject to final negotiations of terms and conditions.

Quebec's giant C$125bn (£55.7bn) pension fund, Caisse de depot et placement (CDP), has pulled out of its bid for RT Capital Management.

Aon Consulting has questioned Paul Myners proposals that UK trustees should receive payment and investment qualifications.

American workers are saving less for their retirement, according to a new survey by the Employee Benefit Research Institute (EBRI).

Dresdner RCM Global Investors has appointed Nigel Warner as head of investment operations and information technology.

The managing team of Hong Kong's Mandatory Provident Fund Schemes Authority (MPFA) has approved proposals for the re-organisation of the regulatory body.

The Philips pension fund - the third largest in the Netherlands - has appointed State Street Corporation to a EUR15bn custody mandate.

Sherrit Coal - a joint venture between the C$73bn (£32bn) Ontario Teachers Pension Plan and Sherritt International - has declared victory in its take-over battle for the Luscar Coal Income Fund.

Deutsche Bank and Bank of China have entered into an alliance to develop custody services in China.

SEI Investments has added INVESCO Asset Management to its European manager of managers team.