News

THE INVESTMENT Management Association has appointed Guy Sears as its new wholesale director.

AUSTRALIA - Russell Investment has been awarded major mandates following outsourcing agreements from two superannuation funds.

Schemes are missing out on large US class action settlements because they do not know cases have been heard, Institutional Protection Services claims.

INCLUDING: UK - Gottex grabs mandate; US - Florida man stole $5.7m from pension fund; CANADA - La Caisse goes tech

NORWAY -The US$328bn Government Pension Fund - Global may significantly increase its equity allocation, according to Knut Kjær, the head of Norges Bank Investment Management (NBIM), which manages the portfolio.

US - The Vanguard Group has filed a registration statement with the US Securities and Exchange Commission (SEC) for a new series of mutual funds designed to provide monthly payments to investors in retirement.

UK - UK defined benefit (DB) pension schemes could be among the "indirect casualties" of the fall out from the US sub prime crisis, following information released by the Bank of England.

UK - The Universities Superannuation Scheme (USS) has appointed Russell Investments to carry out a commission recapture programme for its externally managed global portfolios.

Trustees should not carry out their own covenant assessments instead of paying external advisers for the service, managers believe.

NETHERLANDS - Dutch pension scheme ABP has revealed it may launch "indexation labels" in an effort to boost communication with members.