News

US - CalPERS has recouped $30m from former UnitedHealth Group (UNH) chief executive officer William McGuire; the largest cash recovery ever obtained from a single defendant in a securities class action lawsuit.

GLOBAL - The convergence project between the International Accounting Standards Board (IASB) and the US' Financial Accounting Standards Board (FASB) is on track for completion in 2011, both bodies have said.

Including: GLOBAL - Barings launches alpha currency fund; UK - AXA reorganises fixed income division; US - PBGC awards Convergys relationship management contract; GERMANY - Aon hires new CEO.

CHILE - Pension funds have posted losses of US$7.4bn year-on-year, following the fall in their equitiy investments during last month, Chile's Superintendencia de Pensiones has announced.

Tracesmart has been granted access to receive death registration information by the General Register Office.

Self-employed contractors should be allowed to join personal accounts in 2012, the Union of Construction, Allied Trades and Technicians says.

A "significant" divergence has opened up between the interest rates used to discount scheme liabilities and double A corporate bond indices, Mercer warns.

Almost 20pc of companies will switch to personal accounts for new or existing employees, a National Association of Pension Funds survey reveals.

Private equity firms need not fear the pensions regulator; Resolution recruits ex-FSA chief for £1bn flotation; Lehman drops 45pc on capital raising doubts; Opec cuts output to keep oil above $100

The Personal Accounts Delivery Authority has appointed Simon Richards as business delivery director.