News

MEXICO CITY - Assets under management of Mexican mandatory pension funds grew 23% to MXN1.24trn (US$97.8bn) at the end of April from a year earlier, data by regulator Comisión Nacional del Sistema de Ahorro para el Retiro (Consar) showed.

ITALY - State Street Corp. has completed its €1.28bn (US$1.6bn) cash purchase of Intesa Sanpaolo's Securities Services business (ISPSS), including the firm's custody and fund administration units.

Lib Dem Steve Webb's appointment as pensions minister has raised fears his party's stance on higher rate tax relief on pensions could see the benefit scrapped.

Capita Hartshead Actuarial and Consultancy Services and Partnership have linked up to provide an enhanced annuity service.

GLOBAL - A majority of pension funds believe misalignment of interests with their private equity managers (GPs) had become more apparent during the crisis, a survey by IE Consulting revealed.

Pension buyout costs on the rise

Private pension scheme membership has slumped by almost one and a half million since 1997, the Office for National Statistics says.

US - The French government is studying a combination of a longer working life and new taxes on high earners to stem losses in the country's pension system.

The computer contract for administering the National Employment Savings Trust - signed by the Labour government just months before they left office - will be re-examined, David Laws says.

The coalition government is set to detail how it plans to make £6bn in spending cuts this year at its first Budget on Tuesday June 22.