News

NORWAY - Norges Bank Investment Management (NBIM), manager of the Government Pension Fund - Global, has reorganised its top ranks naming eight new executives, NBIM said today.

GLOBAL - The average assets to gross domestic product ratio for OECD pension funds dropped from 75.5% of GDP in 2007 to 63.4% in 2008, according to the Organisation for Economic Co-operation and Development.

The ousting of EMI trustee chairman Ian Smellie after a disagreement with the sponsor highlights a fundamental flaw in pension scheme governance, Trustee GAAPS claims.

Devon County Council Pension Fund has appointed Aberdeen Asset Management to manage a £100m global emerging markets equities mandate.

The £2.4bn Lothian Pension Fund is set to implement a revised investment strategy after losing 17% over the fiscal year to March 31.

US - Nine securities and corporate governance law firms have signed a letter to the Securities and Exchange Commission supporting its proposal to ensure shareholder rights following a similar move by some US pension funds.

Public Pensions

Eversheds head of pensions Anthony Arter has been named as the firm's senior partner.

UK - The Pension Protection Fund is set to become one of the largest pension schemes in the UK in the next five years, Hymans Robertson warned.

US - The majority of institutional investors are against banning the use of placement agents in private equity investments, a survey by Preqin found.