News

US - The Pension Benefit Guaranty Corporation (PBGC) has hired three managers to manage a combined US$2.5bn in private equity and real estate assets.

GLOBAL - Citigroup has become the latest investment bank to lose senior members of its transition management (TM) business as investment consultants Mercer claim pension funds are now favouring the security of the asset management model.

CITIGROUP has become the latest investment bank to lose its UK transition management team as investment consultants Mercer claim pension funds are now favouring the security of the asset management model.

IRELAND - Irish pension funds posted losses of 3% for the month of December and 34% for the whole 2008, latest Hewitt Associates data shows.

The Pensions Regulator has reminded trustees they must consult with members before making specified changes to future pension arrangements.

The National Association of Pension Funds is to hold a meeting surrounding the role of trustees in corporate transactions in the New Year.

Defined contribution schemes will move increasingly to target date funds over the course of 2009 with greater emphasis on member engagement, industry experts claim.

eShare has called on The Pensions Regulator to emphasise the role of governance software in improving trustee knowledge and understanding.

BT members of two communication workers unions have given their "strong endorsement" to the proposed agreement on pension changes.

GLG Partners is to acquire the Societe Generale Asset Management UK, with the transaction expected to close in the second half of Q1 2009.