INCLUDING: US - Committee looks at financial crisis impacts; GLOBAL - SSgA appoints global CIO; US - Hedge fund index down 6.55%
The impact of the financial crisis on retirement security will be examined by the US House Education and Labor Committee next week.
The committee, to be led by chairman US Rep. George Miller in San Francisco on 22 October, will look at the impact on pension funds and workers' directed retirement accounts such as 401(k) plans.
During a committee hearing last week on the same topic, the Congressional Budget Office testified that US workers had lost at least US$2trn in retirement savings over past 15 months.
GLOBAL - SSgA appoints global CIO
State Street Global Advisors (SSgA) has promoted Richard Lacaille to the new role of global chief investment officer (CIO).
Lacaille, who will continue to be based in London, will manage SSgA's team of asset class CIOs including currency, fixed income, asset allocation, cash and equities. He will also oversee SSgA's research and trading activities.
Lacaille has held senior management positions at SSgA since joining the firm in 2000, including head of global active equities and European chief investment officer.
US - Hedge fund index down 6.55%
Convertible Arbitrage was the worst performing sector last month in the Credit Suisse/Tremont Hedge Fund Index, finishing down 12.26%.
Overall, the index was down 6.55% for September, with managed futures the best performing sector, losing 0.57%, but up 6.7% year to date.
The index is comprised of 490 funds as of 30 September 2008.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.