News

US - Governor Chris Christie of New Jersey said the state may not be able to make a required pension payment in the next fiscal year.

Asia/UK - Baring Asset Management has appointed Wayne Shum to the newly created role of head of institutional business for Asia.

Asset managers say OTC fees will hit savers; Major final salary pension funds see deficits fall by a quarter; Hidden fees cut value of pensions by half; Britain's pension fees 50pc higher than US

Mouchel has launched a new benefits programme for its 4,500 employees in conjunction with Thomsons Online Benefits.

The Daily Mail and General Trust has unveiled a new website to help employees understand the broader financial context of their pension decisions.

The £16bn Barclays UK Pension Fund has added to its in-house investment team with the appointment of Stergios Saloustros as head of dynamic asset allocation.

Aviva Investors chief executive Alain Dromer has been named the next Association of British Insurers investment committee chairman.

AUSTRALIA - PanAgora Asset Management is holding talks with institutional investors in Australia over plans to export its risk parity strategy there.

ITALY - The Italian government has raised the retirement age by three years as part of sweeping austerity measures.

US - Citigroup has agreed to pay $75m to settle charges brought by the Securities and Exchange Commission claiming the firm misrepresented its exposure to sub-prime assets to investors.