US - Pension fund money could help stabilise the financial markets following the New Jersey Investment Division's commitment to buying convertible preferred shares in two giant financial institutions.
John A Thain, chairman and CEO, Merrill Lynch, said: "The benefits of Merrill Lynch's collaboration with these high-quality, long term investors are significant."
Thain added: "Through their global reach and diverse client relationships, we are looking forward to more strategic opportunities around the world."
Assets under management for the New Jersey Investment Division topped $81.3bn and the end of December 2007.
The division manages the assets of seven public funds.
As of 31 December 2007 the funds' assets were allocated 28.9% to domestic equity, 22.7% domestic fixed income and 17.4% to an international portfolio.
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
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The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.