News

RMB Asset Management has launched a diversified target fund in a bid to help schemes manage funding volatility.

GLOBAL - What is the difference between US government-sponsored entities Fannie Mae and Freddie Mac and pension funds? The US government will not bail out pension funds.

US - The US$223bn California Public Employees' Retirement System (CalPERS) has appointed Randall Mullan as senior portfolio manager for infrastructure investments and promoted Dan Bienvenue to senior portfolio manager of global equity.

INCLUDING: EUROPE - EC approves ABP shopping centre investment; UK - Low PPF premium for Lehman; UK - DB Advisors appoints director; AUSTRALIA - Deloitte boosts super practice ; US - PBGC director praises pension transfer

UK - Pension fund manager Hermes has responded to calls from retailers to allow them to pay rent monthly rather than quarterly in advance, in a move expected to ease the burden of current market volatility.

US - State comptroller Thomas Di Napoli has announced the creation of a specialist Retirement Compliance Unit to review and enforce eligibility requirements of the New York State and Local Retirement System.

UK - The £577m (US$1bn) London Borough of Haringey pension fund has decided against hiring an external organisation to advise on its newly adopted responsible investment strategy until the market is further developed, MandateWire reports.

US - The development of a Pension Benefit Guaranty Corporation (PBGC) standard for transition management has been hailed as a positive step for the industry, demonstrating a growing maturity in the sector.

US - A research project to improve understanding of investors' use of Individual Retirement Accounts (IRA) has been launched by the Investment Company Institute (ICI) and the Securities Industry and Financial Markets Association (SIFMA).

THE Pension Protection Fund has proposed a levy estimate of £700m for 2009/10.