News

UK - More than a quarter of closed defined benefit (DB) schemes will be replaced by defined contribution (DC) plans as a direct result of the economic crisis, research by the National Association of Pension Funds (NAPF) has shown.

UK - The Financial Services Authority (FSA) has defended its decision to lift the ban on the short selling of financial stocks - dismissing concerns this had caused dramatic falls in financial stocks' prices over the last week.

UK - The £2.2bn Avon Pension Fund has awarded a £90m property mandate to Schroders as part of a wider allocation to UK and European property.

US- Joseph Dear has been named as chief investment officer at the US$174.9bn California Public Employees Retirement System.

SWEDEN - AMF could lower pension payments to existing pensioners as a result of losses in its equity holdings, a spokesperson of the Swedish pension manager has confirmed.

UK - Pension buyout specialist Paternoster has announced 2008 full year premium income of £1.1bn (US$1.5bn), marking a 71% increase in transferred assets over 2007, but warned of a slower 2009.

Aberdeen Asset Management suffered £7.6bn in redemptions during the final quarter of 2008, as investors stripped nearly £5.4bn from its fixed income range.

US - General Motors Asset Management is set to expand beyond the US and is looking to build its business in the UK and other parts of Europe.

Scottish Life has introduced a range of governed investments for the group pensions market.

GLOBAL - Aberdeen Asset Management suffered £7.6bn (US$10.4bn) in redemptions during the final quarter of 2008, as investors stripped nearly £5.4bn from its fixed income range.