UK/US - Cairn Capital is to launch a Subordinated Financials fund with £39m ($60m) seed capital from the Stanhope Pension Trust and San Bernardino County Employees' Retirement Association.

GLOBAL: UN Joint Staff Pension Fund; Fidelity; SGSS;F&C; Alliance Bernstein; PBGC; BlackRock; Wurts & Associates; Kas Bank

CANADA/US - Canada Pension Plan Investment Board CPPIB) has entered a joint venture with General Growth Properties to acquire a stake in two US shopping malls.

IRELAND - The Government's controversial pensions levy has had a "devastating impact" on the country's pension system, Irish Life & Permanent chief executive, retail, Gerry Hassett has claimed.

UK - Fidelity has appointed Paras Anand and Richard Lewis to head up its pan-European and global equities divisions.

AUSTRALIA - The superannuation industry has broadly welcomed the final details of the government's Stronger Super reforms, which it claims could result in a rise in member savings equivalent to a 1% increase in contributions.

AUSTRALIA - RecruitmentSuper has been awarded a five-star rating for "outstanding value" for a second consecutive year.

EUROPE - S&P's decision to downgrade Italian debt adds to the pressure on EU legislators to take more decisive action to deal with Europe's mounting debt problems.

US - Federal employees would have to contribute 1.2 percentage points more of their salary towards their retirement plans under plans put forward by President Barack Obama.

A coalition of institutional investors is to call on United Nations member states to develop a global policy framework requiring listed companies to integrate sustainability information within their annual report and accounts.