News

Managing Partners Limited is set to launch a property fund to take advantage of market volatility.

UK - P&O has partially transferred its pension fund to Paternoster in a deal worth £800m.

UK - Middlesbrough Borough Council (MBC) has re-awarded the global custody mandate for its pension fund to Northern Trust. There were a total of five bids for the contract.

US - The Pension Benefit Guaranty Corporation (PBGC) and Swedish-owned Electrolux Home Products have reached a US$77.5m agreement to protect retirement benefits of more than 2,350 former employees.

Paternoster takes over £800m of pension liabilities from P&O; Ministers prepare to nationalise Northern Rock

FINLAND - Proposals to amend the corporate structure and strategy of telecoms operator Elisa have been opposed by Finland's largest private sector pension insurers.

NEW ZEALAND - CPPIB has put a partial takeover offer for Auckland International Airport (AIA) directly to investors, after its initial proposal was rejected by the airport's board.

US - A full audit into the financial dealings of the State of Florida and the Florida Retirement System (FRS) has been launched after panic over sub-prime backed assets caused a US$13bn run on the State's money market fund.

AUSTRALIA - The baby boomer effect may hurt superannuation assets over the next decade, so funds should put combative systems in place today, according to KMPG.

DUBAI PORTS World - the owner of the P&O shipping group -has appointed Paternoster to provide the future pensions for 11,000 retired members of the P&O scheme.