News

BANKS failed to adequately implement risk management systems in the lead up to the credit crunch, delegates at The Actuarial Profession's Finance, Investment and Risk Management Convention heard.

US - Public pension funds are on track to meet future obligations but the truth is being distorted by misinformation, a coalition of government officials, retirement systems and unions has claimed.

US - The City of Philadelphia should issue $3bn in bonds to control its current 56% unfunded municipal pension liability, according to Pennsylvania Intergovernmental Cooperation Authority (PICA).

NETHERLANDS - Sweeping reforms to the Dutch labour market and pension system have been unveiled by the Bakker Committee.

Fund managers lobby FSA over proposed shorting rules; Pensioners warned to keep hold of tax records; Investors pour funds into Asian property; Age and employment: The grey army grows mightier every day

GLOBAL - Global investors' confidence rose slightly this month to 81.4, up from 80.9 in May, according to the State Street Global Markets' Confidence Index.

INCLUDING: US - Public plans pay more; CANADA - Higher foreign investment; UK - Schroders wins InterContinental Hotels mandate

AON CONSULTING has launched an annuity finder in a bid to help members of occupational schemes select the right option at retirement.

UK - The £1bn (US$1.95bn) Somerset County Council pension fund has announced a £30m tender for a private equity fund of funds manager.

The number of trustees commissioning independent covenant reviews has jumped 10pc in the past year, Mercer says.