News in brief

UK- TPR opens consults on TKU

The Pensions Regulator has refreshed the trustee knowledge and understanding (TKU) framework and published a draft revised code of practice and scope guidance for consultation.

TPR said the consultation followed a review of the existing code of practice and scope guidance, undertaken to ensure the TKU framework remained relevant for trustees.

The 12-week consultation period ends on 31 December 2008.

US/UK - SSgA appoints global CIO

State Street Global Advisors (SSgA) has promoted Richard (Rick) Lacaille to a new role of global CIO.

Lacaille 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 will continue to be based in London and reports to Scott Powers, president and CEO of SSgA.

UK - Japan equities best placed to outperform

Standard & Poor's Fund Services has reported fund managers are united in expecting Japan to outperform other developed markets.

It said the Japanese financial system had nothing like the same exposure to global credit problems as major western economies, especially the US and the UK.

Fund managers interviewed by S&P Fund Services pointed out Japan was attractive on a number of valuation metrics, including price/earning ratio, yield, return on equity and debt to equity.

AUSTRALIA - Russell urges investors to hold steady

Russell Investments director of superannuation Steve Schubert has warned investors who give up on equities risk missing a recovery that could help them recoup some of their current market losses.

He added the same was applying for investors who had held back from investing in equity markets in recent months.

He said when equity markets recovered, investors would miss out on potentially better returns, because they were overly invested in more defensive assets.

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