News

US - Fitch Ratings has downgraded New Jersey's debt rating in large part because of its swelling pension funding needs.

ASIA - HSBC Securities Services (HSS) has launched a fund administration infrastructure and operating model in Asia to help pension funds and other clients increase transparency in light of volatile markets and regulatory scrutiny.

Firms planning to freeze their defined benefit schemes should do so before 5 April next year due to a forthcoming change in guaranteed minimum pension rules, a consultant says.

How investors can avoid another 'lost decade'; Cash for pensions deals warning; Millions tempted into dropping final salary pensions for cash

MEXICO - Mexican bank Grupo Financiero Banorte SAB has agreed to merge its pension fund with Afore XXI, the pension fund half owned by the Mexican Social Security Institute (IMSS) and Prudential.

Mercer has promoted Michael Dempsey to head up its investment management business for Europe, Middle East and Africa.

Northumberland County Council Pension Fund has appointed Northern Trust to provide it with transition management services.

EUROPE - The UK government is understood to be prepared to shoot down proposals for a financial transaction tax being mooted by Germany and France.

NEW ZEALAND - More than half (57%) of New Zealanders believe that KiwiSaver membership should be compulsory, according to research released by the Financial Services Institute of Australasia (Finsia).

AUSTRALIA - The HOSTPLUS superannuation fund has awarded Industry Funds Management (IFM) a A$100m (US$104m) active Australian equities mandate.