News

US - Pension fund returns could be up to 1.4% lower if they are assisted by consultants with undisclosed conflicts of interest, according to a new report by government investigators.

US - The California State Teachers' Retirement System (CalSTRS) said it would vote against the $2.8bn proposed takeover of auto-parts supplier, Lear Corporation in which it held a 2% stake.

UK - Northamptonshire County Council pension fund has awarded two fund of hedge funds mandates, totaling £56m.

EUROPE - British investment trusts are due to be repaid up to £300m and save £40m per annum after the European Court of Justice (ECJ) ruled they should not have to pay value added tax (VAT).

The £2.25bn Leicestershire County Council pension fund has appointed a fund of hedge funds for a targeted return mandate worth £105m.

FSA moves to curb upfront commissions for financial advisers; Watchdog issues demand to Sea Containers; Attacks on private equity down to envy, says Moulton; Britain still top for inward investment; Brown ally calls for 40pc tax on gains

ITALY - Crédit Agricole Asset Management (CAAM) SGR has reshuffled operations and appointed new staff.

ING REAL ESTATE is celebrating the 10th birthday of its UK balanced fund, ING Lionbrook, by giving PP readers the chance to win tickets to the British Grand Prix at Silverstone.

UK - The Pension Regulator (TPR) yesterday released the reasons behind its recent groundbreaking decision to slap a Financial Support Direction (FSD) on Bermuda-based company Sea Containers Ltd (SCL), which is in chapter 11 bankruptcy proceedings in the...

NETHERLANDS - PGGM Investments is planning to appoint three external ethical consultants to the Investments Committee, before the end of the year, to advise on the future development of the responsible investment policy.