News

FTSE 100 companies had combined surpluses of £40bn in their pension funds at the end of March on an FRS17 measure, Watson Wyatt estimates.

BNP Paribas Investment Partners has bought Investment Management Selection in a bid to boost its multi-manager business.

CANADA - The C$120bn (US$118bn) Canada Pension Plan Investment Board (CPPIB) has invested US$200m in US-based wind energy firm Noble Environment Power (Noble).

UK - Strike action looked inevitable as workers overwhelmingly voted to reject Royal Mail's pension changes yesterday.

UK - Active managers' higher fees for relatively low returns have led the London Borough of Richmond upon Thames pension fund to shift 50% of its portfolio to passive management.

US - Members of Ampex Corp's pension funds should be protected against the company's bankruptcy filing thanks to the Early Warning Program put in place by Pension Benefit Guaranty Corp (PBGC).

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.