News

EUROPE - At an emergency summit in Brussels, EU leaders have finally settled on a debt relief plan for Greece.

Capita Hartshead is to buy NorthgateArinso's pension business - which provides third party administration and software - for £27.5m.

US - The California State Teachers' Retirement System said its engagement efforts successfully resulted in the withdrawal of 21 proposals for a majority vote in corporate board elections in the 2011 proxy season.

UK - The Nortel/Lehman appeal case with The Pensions Regulator begins on Monday in the Court of Appeal, but sources predict it is destined for the Supreme Court.

MALAYSIA - Aberdeen Asset Management has hired Suhaila Suboh as Asian fixed income strategist and plans to expand the Asian debt team in Kuala Lampur, the firm said.

The union-based Visteon pension legal challenge, which accuses Ford of providing employees with misleading pensions advice, will be heard in October or November next year.

Union members at Severn Trent Water have staged a demonstration at the company's Annual General Meeting over plans to close its £1.2bn defined benefit scheme.

NETHERLANDS - Pensioenfonds Zorg & Welzijn returned 0.4%, while Stichting Pensioenfonds ABP was up 0.8% for the second quarter.

NETHERLANDS - J.P. Morgan Worldwide Securities Services has just completed a $12.5bn transition of pension manager APG's emerging markets portfolio, and been named custodian of those assets, the firm said.

Local government pension schemes will be free to reform the fund and deliver savings to government without imposing a 3.2 percentage point increase on employees' contributions, PP understands.