News

US - The debt of struggling US states and municipalities will prove to be attractive investments in the coming year as they benefit from federal aid, Bill Gross, chief investment officer at PIMCO has said.

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.

THE Financial Reporting Council has published a quality framework in a bid to help trustees assess actuarial information.

CANADA - The funding levels of Canadian defined benefit plans have dropped to historic lows putting extreme pressure on companies to keep their pension schemes viable, a report by Watson Wyatt has found.

Challenge to HBOS deal abandoned; Madoff 'asked UK arm for £100m' before arrest; Clegg reshuffles Webb, the man he 'can't stand'; Prudential loses more than 7% on fears of payout cuts

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.