News

Growing numbers of defined contribution sponsors and trustees are receiving only adequate service from providers, a Watson Wyatt survey reveals.

BAIN Capital Partners and Hellman & Friedman have bought Neuberger Berman and some other asset management businesses of Lehman Brothers' investment management division for $2.15bn (£1.19bn).

GLOBAL - The pensions industry is struggling to take in the consequences of the US Congress' failure to pass the controversial US$700bn bail-out plan, as markets across the world reacted negatively to the announcement.

EUROPE - European banking group Dexia has been forced to secure €6.4bn (US$9.15bn) of extra capital from governments, institutional investors and pension funds.

US - The state of New Jersey has approved the Public Employee Pension and Benefits Reform Act, in an effort to further curb the cost of government workers' benefits.

US - "I've never lived through something like that," Stephen Jarislowsky, the 83-year-old chairman and founder of Montreal-based money manager Jarislowsky Fraser Ltd., said yesterday about the past month on Wall Street.

US - Private equity firms Bain Capital Partners, LLC and Hellman & Friedman LLC are to acquire a large part of Lehman Brothers Investment Management Division, including asset management firm Neuberger Berman.

UK - Claims that private equity firms are driving pension funds into the control of the Pension Protection Fund (PPF) have been challenged by new research.

UK - Clarity from the Pensions Regulator (TPR) on the calculation of transfer values for defined benefit schemes has been welcomed, but with a warning it may not go far enough.

AUSTRALIA - The Australian financial system remains in good shape and banks are well capitalised despite turmoil elsewhere, according to Treasurer Wayne Swan.