News

DESPERATE members of the Pensions Action Group will hand over a letter to Gordon Brown at the end of their all-night vigil in Whitehall tomorrow.

PHILIPPINES - The Government Service Insurance System (GSIS) has appointed Citibank as global custodian for its US$1bn Global Investment Program (GIP).

UK - The Pensions Regulator is to act as monitor of personal accounts to be introduced in 2012, under proposals from Mike O'Brien, minister for pension reform.

AUSTRALIA - The Queensland Investment Corporation (QIC) has terminated its US equity mandate with Legg Mason, as it looks to further diversify alpha streams in its International Equities Fund.

UK - The Pensions Action Group will hold an all-night vigil outside Downing Street tomorrow to protest the government's bail-out of Northern Rock, while victims of pension scheme wind-ups are still waiting for compensation.

US - Eight of the largest pension funds, representing US$300bn in US public equities, have joined forces to speak out against a vote which could stop shareholders' ability to influence the membership of company boards.

GLOBAL - Hewitt Associates has launched Global Risk Services, an initiative aimed at helping scheme sponsors gain a better understanding of risk and potential reward.

THE INSURANCE buyout market for defined benefit pension schemes is struggling to take off, Aon Consulting warns.

Including: UK - Arch pushes East; FRANCE - Strikes continue; JAPAN - Credit Suisse moves into Japan; UK - NAPF welcomes deregulatory proposals; UK - Smurfit Kappa awards £20m mandate to Invesco

REGULATION of the private equity industry is needed to protect employees' jobs and pensions, unions warn.