News

The UK's combined defined contribution pension value has dropped by £18bn in one month, according to Aon Consulting.

Pension deficits understated by £267bn; Pension funds believe longevity derivatives will play a crucial role in managing future scheme deficits; Mercer Investments 'on the fence' over added value of active management; Pension First to 'shake-up' buyout...

Hermes Fund Managers has hired a six strong global equities team from Fortis.

PensionsFirst has launched a web-based service which will deliver actuarial valuations within 24 hours.

UK/Spain - A merger deal between British Airways and Iberia, the Spanish airline, could be terminated should BA be unable to reach a funding arrangement with its scheme trustees.

US - Mercer parent company Marsh & McLennan agreed to a US$400m settlement in a class action suit brought against the firm by Ohio and New Jersey pension funds.

US - The New York Times Co. will freeze its defined benefit plan for non-union employees and management at year-end in a move that will save the company over US$130m, the firm said in a Securities and Exchange Commission filing yesterday.

CANADA - Caisse de dépôt et placement du Québec plans to issue C$8bn (US$7.6bn) worth of bonds in Canada, the US and Europe by the end of 2010 as part of a refinancing plan.

EUROPE - The revised text of the European Directive on Alternative Investment Fund Managers (AIFM) outlining limitations on ways hedge funds and private equity managers are paid has been released.

NETHERLANDS - The Dutch government's planned reform on retirement age which would see Dutch workers retiring at 67 instead of 65 came under the fire of the opposition parties during a parliamentary debate yesterday.