Regions

BENIN - Pension reform is needed before the rising state pension fund deficit puts a strain on the country's macroeconomic stability, an IMF staff report has claimed.

NIGERIA - The government for the Nigerian state of Osun settled all outstanding pensions for civil servants and paid out a total of NGN2.5bn (US$19.5m) over 2006.

GLOBAL - ING Group is to sell its fiduciary and advisory business unit ING Trust to Foreman Capital as part of its strategy to concentrate on its core asset management, insurance and banking businesses.

EUROPE - The implementation of better accounting practices for unfunded pension liabilities should be introduced across the Euro zone, according to the Organisation for Economic Co-operation and Development (OECD).

GLOBAL - The emerging market hedge fund outlook remains positive, with default rates at their lowest in years and corporate profits exceeding expectations, new research by Credit Suisse and Tremont has found.

GLOBAL - Michael Hughes, CIO of Barings Asset Management, has advised institutional investors to "consider investing any spare cash" in Asia, Eastern Europe and Latin America in 2007.

GLOBAL - The World Gold Council (WGC) has launched a website to provide the pensions industry with information on gold investments.

UK - Arlington Securities has stated real estate investment trusts (REITs) are likely to be "of limited benefit" to institutional investors looking to invest in property for diversification reasons.

EUROPE - State Street Corporation has appointed three Europeans to its board of directors, effective immediately.

NIGERIA - The NGN63bn (US$491m) accrued within the national contributory pension scheme has raised hopes that SMEs could have access to long term funding.