RUSSIA - Russian energy giant Gazprom has approved a deal to sell a 24.8% stake in Gazprombank to non-state pension fund Gazfond.
Following this announcement, the Gazprom board of directors also approved the purchase of a 19.87% stake in Mosenergo, the Moscow power utility.
This would see Gazprom's stake in Mosenergo upped to a controlling position.
Reportedly, the sale of shares to the pension fund was put through to finance the purchase of the Monsenergo shares.
The amounts of the deals remained undisclosed although reportedly the Mosenergo shares should be worth around US$2.1bn.
An unnamed London-based employer has been hit with a £350,000 fine from The Pensions Regulator (TPR) for failing to fully comply with its pension duties.
XPS Pensions has enhanced its fiduciary management selection service in order to help trustees through initial selection and mandatory re-tendering.
One in five defined benefit (DB) schemes are in The Pension Regulator's (TPR) weakest two categories, analysis by Hymans Robertson has revealed.
State Street Global Advisors (SSGA) has been selected as the first index manager for the Asset Management Exchange's (AMX) passive funds.