News

EUROPE - Gartmore has joined the trend of hedge funds launching onshore portfolios for EU-based pensions, which face exclusion from offshore products under proposed EU regulation of the alternatives industry.

The BP Pension Fund has teamed up with Cube Real Estate to acquire an industrial estate in Leeds for £7.3m.

Pension scheme deficits could increase by £40bn over the next year as a result of government cut backs, Aon Consulting says.

US - Barr Rosenberg, chairman of AXA Rosenberg, and Tom Mead, head of research, both co-founders, have resigned after an investigation into the reporting of a coding error found the two did not follow firm protocol.

Glasgow City Council has re-appointed Hymans Robertson as investment adviser to the £9.5bn Strathclyde Pension Fund.

Drinks manufacturer Diageo has announced a 10-year funding plan to plug its £862m pension deficit.

UK/IRELAND - Drinks manufacturer Diageo has announced a 10-year funding plan to plug its £862m (US$1.3bn) pension deficit.

BBC unions have threatened strike action over the proposed changes to the pension scheme after talks broke down yesterday.

NORWAY/ASIA - Norway's sovereign wealth fund, the world's second largest, will increase investments in Asia, as the region leads the global economic recovery, said Norges Bank Governor Svein Gjedrem.

Webb says NEST could go ahead untouched following independent review.