News

NORWAY - The Norwegian Government Pension Fund has divested NOK4m (US$0.6m) from South African DRD Gold Limited because of ethical concerns.

EUROPE - Royal Dutch Shell has agreed a US$450m settlement with over 50 pan-European investors, including several large pension funds, after mis-stating its oil and gas reserves between 1997 and 2003.

Overcautious advice is preventing pension trustees from making important rule changes to their schemes, actuaries claim.

US - Dana Dillon has been elected chair of the California State Teachers' Retirement System (CalSTRS) for the 2007-08 term.

Just 30pc of multi-national companies plan to close their final salary schemes within the next two years, according to a new survey.

SWITZERLAND - Pension funds will invest more in Collaterised Loan Obligations (CLOs) if the arbitrage opportunity remains intact, said Rene Biner of Partners Group.

Russell Investment Group has launched a fund of hedge funds for institutional investors.

UK - The chief executive officer of Scottish Widows Investment Partnership (SWIP), Chris Phillips, has died unexpectedly during a walking vacation in Spain.

Former Scottish Widows Investment Partnership chief executive officer Chris Phillips has died of hypothermia during a walking holiday in Spain.

UK - State Street Corporation has announced it will now provide Paternoster with collateral management services.