News

GLOBAL - Global institutional pension fund lost US$5trn in assets, shrinking by around 19% during 2008, a study of 11 major pension markets by Watson Wyatt has revealed.

EUROPE - Private equity firm H.I.G. Europe has acquired trade execution and custody services company FNZ Holdings as part of a management-backed buyout for an undisclosed sum.

Old Mutual Asset Managers (OMAM) has launched a currency hedge fund.

UK - Old Mutual Asset Managers (OMAM) has launched a currency hedge fund.

Crédit Agricole and Société Générale have signed a preliminary agreement to combine their asset management operations.

Including: UK - Leatherhead food appoints Giddings; US - New York fund allocates $550m to emerging manager programme; UK - Hermes Private Equity hires investment manager

UK - The falling value of sterling represents an opportunity for foreign sponsors of defined benefit (DB) pension funds to take action on scheme deficits, according to consultants Punter Southall.

US - General Motors (GM) and the Securities and Exchange Commission (SEC) have settled a dispute over discount rates used to calculate projected returns for the GM pension fund.

GLOBAL - Crédit Agricole and Société Générale have signed a preliminary agreement to combine their asset management operations.

LEATHERHEAD Food International has appointed Gissings to provide actuarial, consultancy and investment advice to its defined benefit pension scheme.