Including: US - Yahoo! shareholders amend class action; UK - Aberdeen acquires Goodman Property Investors; US - Citi and StateStreet sell CitiStreet; ITALY - Parmalat settles with Hermes; US - CalPERS CEO sets retirement date; UK - Xafinity wins YMCA contract
Two Detroit pension funds engaged in a class action case against internet firm Yahoo! have amended their claim in light of Yahoo!'s rejection of Microsoft's takeover bid.
The funds have been seeking to recover damages they said have arisen from Yahoo!'s alleged breach of fiduciary duty by not negotiating with the software giant.
UK - Aberdeen acquires Goodman Property Investors
Aberdeen Asset Management announced it has acquired Goodman Property Investors (GPI) for approximately £89m (US$175m).
The deal would increase Aberdeen Property Investors' assets under management by 42% to £30bn, making the company one of the global top ten property asset managers.
US - Citi and StateStreet sell CitiStreet
CitiStreet, the benefits servicing business jointly owned by Citigroup and State Street Corp, is to be sold to ING Group for US$900m.
The sale is expected to be completed by the end of Q3 this year, pending regulatory approval.
Citigroup and State Street said the move was part of a strategic refocusing.
ITALY - Parmalat settles with Hermes
Parmalat, the Italian dairy company, has agreed to settle the long running class action case with Hermes.
The settlement would see Parmalat issue 10.5 million shares to settle the case and would incur up to €1m (US$1.55m) of charges notifying class members of the settlement.
US - CalPERS CEO sets retirement date
Fred Buenrostro, CEO of the US$244bn California Public Employees Retirement System (CalPERS) has announced he is to retire at the end of the fiscal year, to pursue opportunities in the private sector.
Buenrostro, who has been CalPERS' CEO for the past six years, will be succeeded by an interim CEO to be discussed at the May board meeting.
UK - Xafinity wins YMCA contract
Xafinity Consulting, has been appointed by the trustees of the YMCA Pension and Assurance Plan to improve pension scheme services for 1700 members, as part of its evolving pension provision strategy.
The FCA and TPR have announced their joint strategy for tackling the key risks facing pensions in the next decade. Victoria Ticha explores the plan and the industry's initial reaction.
GKN has slammed Melrose for making 'misleading' comments relating to the engineering giant's two UK defined benefit (DB) schemes.
UK inflation fell to 2.7% in February 2018 from 3% a month earlier, the Office for National Statistics (ONS) has confirmed, a larger decline than analysts expected.
In the latest in a monthly series of DC columns from Newton Investment Management, Curt Custard warns investors of the possibility of further volatility in the months ahead