News

US - 3M has replaced its retirement program with a 401(k) plan for new employees.

NETHERLANDS - Hermes Focus Asset Management, has put forth proposals for the dismissal of the chief executive and five members of the supervisory board of dutch chip manufacturer ASMI.

INCLUDING - CHINA - New Mercer chief, GLOBAL - Fitch rates FoHFs, AUSTRALIA - ASFA deputy departure, UK - AllenbridgeEPIC mandate win

Stenham has formally launched a global resources fund to focus on non-energy related sectors such as water, agriculture and soft commodities.

UK - Secretary of state for Work and Pensions, James Purnell has confirmed retirees getting payments via the Financial Assistance Scheme (FAS) would not have to pay higher rate tax.

Treasury consults on updating Myners principles; Pension funds sell more equities; Changes empower pension trustees

THE Pensions Management Institute has restructured its management team in a bid to improve efficiency.

IRELAND - The Irish Association of Pension Funds (IAPF) has launched new investment guidelines for turbulent markets.

US / EUROPE - The $155bn New York Common Retirement Fund (NYCRF) has acquired a majority stake in Public Storage's Shurguard Europe self-storage business.

US - The Chancery Court of Delaware has announced it will issue a written ruling on the attempts by two Michigan pension funds to block the sale of Bear Stearns to JPMorgan.