News

Move to protect pensions of high earners blocked; Two drop bids to run pension plan

US - President Barack Obama has nominated Joshua Gotbaum, operating partner at private equity firm Blue Wolf Capital, to head the Pension Benefit Guaranty Corp., the country's corporate pension safety net, the White house said.

The conversion of the IMG Pension Plan from defined benefit to defined contribution in 1992 was unlawful, the High Court ruled yesterday.

JAPAN - Japan Airlines Corp., seeking its fourth state bailout since 2001, rose the most in the almost two weeks after the government said a state bank will provide a loan and that laws may be introduced to make it easier to cut pensions, Bloomberg News...

Logica UK has pulled out of the running for the personal accounts administration contract, the Personal Accounts Delivery Authority confirms.

US - The California Public Employees' Retirement System (CalPERS) plans to search for a new general investment consultant, and the incoming advisor will have to offer a broader scope of services than in the past.

NORWAY - The Government Pension Fund - Global raked in record returns of 13.5% in the third quarter, equating to a gain in assets of NOK325bn (US$58.2bn).

MEXICO - Financial services group Profuturo is set to acquire Scotia Afore, the Mexican pension fund business of Canada's Bank of Nova Scotia.

UK - Barclays has reported a one-off credit of £371m (US$620.1m) resulting from the closure of its UK final salary pension scheme to existing members.

US - The Employees Retirement System of the City of New Orleans (NOERS) has sued Warren Buffett's Berkshire Hathaway and Burlington Northern Santa Fe (BNSF) alleging Berkshire's planned acquisition of BNSF discriminated other investors.