News

NORWAY - The NOK6.1bn (GBP594m) Telenor Pensjonskasse has abandoned all its fund of hedge funds (FoHF) investments worth around NOK122m (GBP12m) and invested in a new energy hedge fund instead.

UK - The trustees of the HBOS Final Salary Pension Scheme have decided not to proceed with legal action to delay the takeover of its sponsoring employer by Lloyds TSB.

UK - Henderson Global Investors has hired a five-strong currency team from the investment banking arm of Fortis in a bid to boost its fixed income capability.

ASIA-PACIFIC - The pension systems in many Asian countries need swift reforms to be viable in the future, a report by the Organization for Economic Co-operation and Development (OECD) says.

UK - Hermes has put restructuring plans involving its Focus Funds business on hold, following the performance slump of one of its funds and the departure of two fund managers.

TRUSTEES of the £120m Fujitsu Comparable Pension Scheme have appointed Wragge & Co to act as their legal advisers.

CANADA - Jovian Capital Corporation has launched the first actively managed exchange traded funds (ETFs) in Canada, based on the S&P/TSX 60 indices.

GLOBAL - RBS has shut down its transition management business as it seeks to focus on its core business.

US - The State of Michigan has been appointed lead plaintiff against a class action suit to be brought against failed banking giant Bear Stearns and five current and former executives and directors.

UK - The trustees of the £1bn Plumbing and Mechanical Services (UK) Limited Pension Scheme have reappointed JPMorgan Investor Services to provide the fund with custodian services.