News

IRELAND - Managed funds have delivered a negative return of -4% in November, figures released by Hewitt Associates reveal.

THE Marathon Club has issued a paper to update its practical guidance for trustees when reviewing the performance of investment managers and advisers.

GLOBAL - Outflows from Undertakings for Collective Investments in Transferable Securities (UCITS) shot up in the third quarter of 2008 to €92bn (US$116bn), latest figures show.

THE department for work and pensions has postponed the start date for the lower 2.5pc per annum cap on revaluation requirements for deferred benefits.

DENMARK - Danish giant pension fund ATP has agreed with Local Government Denmark (LGDK) to acquire all its shares in KMD, in a co-investment deal of DKK2bn (US$340m) on a debt-free basis with private equity fund EQT.

US - Californian network of hospitals and healthcare providers Sutter Health is set to invest up to $500m to fully fund its retirement plan.

US - Workers in the Society of Professional Engineering Employees in Aerospace (SPEEA) union have signed contracts with Boeing after reaching an agreement over pensions.

AUSTRALIA - Switching to conservative investment options or deposit products can result in short-term losses and taxation consequences, minister for superannuation Nick Sherry says.

US - The California Public Employees' Retirement System (CalPERS) has awarded a $150m mandate to Sourcecap International, under the second phase of its $1.4bn Manager Development Program (MDP II).

Shropshire County Council is looking to appoint a second bond manager after a review of its pension fund's bond allocation.