News

US - The Pension Benefit Guaranty Corp (PBGC) faces serious operational and organisational challenges in its human resources, according to a damning report issued last week by the US Government Accountability Office (GAO).

US - Pressure from pension funds has influenced the Senate Appropriations Committee to approve part of the Financial Services Bill which calls for better climate change disclosure by publicly traded companies.

CANADA - Pension plans were lifted into positive territory by rising home-based energy stocks, but their diversified portfolios meant they did not match the country index's gains in the second quarter of 2008.

UK - The London Borough of Wandsworth pension fund is to tender between £475m and £750m (US$948m-$1.5bn) across four new mandates, as part of a restructuring of its portfolio.

INCLUDING: US - GEF hires India and South Asia MD; UK - Hewitt releases buyout guide; UK - SEI extends DC Master Trust

US - New York City (NYC) comptroller William Thompson has urged some of the country's largest pension funds to follow the NYC's pension funds in taking steps to create and retain affordable housing.

US - Both of California's giant retirement systems posted losses for the last fiscal year.

AUSTRALIA - Investing in the right boutiques in their early life cycle could maximise returns, a study by Russell Investment Management has found.

UK - The £1.4bn (US$2.79) Cambridgeshire County Council pension fund has awarded State Street Global Advisors (SSgA) a £140m passive equity mandate, following a reshuffle due to manager underperformance.

UK - The union Unite is to scrutinise the actions of pension fund managers to ensure private equity investments do not result in job losses or benefit cuts for its members.