News

AUSTRALIA - Investec Asset Management has targeted Australia with plans to launch operations in Sydney by January 2008.

ROYAL LONDON is set to take a stake in Investment Funds Direct, the holding company behind fund supermarket Fundsdirect and the Ascentric Wrap service.

GLOBAL - Diversification in the market has lead to convergence as traditional managers look to out perform alternatives according to a study by KPMG and CREATE-Research.

RESOLUTION has withdrawn its recommendation of the £4.9bn takeover deal put forward by Standard Life after Pearl assurance increased its stake in the company and put forward a counter-offer.

BENELUX - Credit Suisse has appointed BlackRock's Robert Koopdonk as head of institutional clients for Benelux.

US - The California State Teachers' Retirement System (CalSTRS) has tendered a mandate for alternative investment portfolio advisors.

C&W eyes pension plan disposal; Agency workers could get full-time rights; Mercer backs LDI work with new funds; Resolution ends deal support

US - Henry Cisneros has stepped down from the board of Countrywide Financial Corporation amid calls from shareholders to make the process of selecting a replacement fully transparent.

UK - The Pension Protection Fund (PPF) has announced it would focus on reducing long term risks by adopting more prudent mortality assumptions.

Prudential M&G has launched a new fund aimed at giving schemes easier access to secured debt.