News

TELENT, the rump of the former GEC conglomerate that became Marconi, has agreed to a £400m takeover by a subsidiary of Guernsey-based Pension Corporation.

NETHERLANDS/US - ABP and State Street Global Advisors (SSgA) have acquired a minority interest in Sectoral Asset Management through their strategic venturing partnership, State Street Global Alliance.

NORWAY - Norges Bank Investment Management (NBIM) which manages the US$328bn Government Pension Fund - Global has appointed a new head of corporate governance.

UK - The Pensions Regulator has issued its first analysis of recovery plan data received under the Pensions Act. The data was supplied by schemes in deficit and covers their plans to return to surplus.

FRANCE - Prime minister Fillon reaffirmed his commitment to align pension benefits for all French citizens by 2012.

UK - Pension funds are increasingly drawn to using derivatives to hedge risk, according to a survey by Watson Wyatt.

UK - Pension fund buyout firms must win some business soon or risk imploding, according to a senior figure at the newly launched Occupational Pension Trust (OPT).

RAISING Standards of Pensions Administration has launched a general statement of administration standards.

APPOINTING directors with business failures behind them could jeopardise levy savings for companies which pay into the Pension Protection Fund, Aon Consulting warns.

UK - Pension funds have been warned to expect levy notices in the post later this month as the PPF begins its annual round of tariff collection to raise compensation funds for failed schemes.