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.
This week's edition of Professional Pensions is out now
MPs failed to place legislation into the Financial Guidance and Claims bill that would have made pension guidance default, which Just Group director Stephen Lowe said left a "bitter taste".
Aegon has called for the government to double the tax exemption on employer-arranged pension advice, up from £500 to £1,000.
Institutional investor confidence in Europe rose by 8.9 points in April with each region showing growing appetite for risk, according to State Street Global Exchange.