US/UK - Deficits for US and UK pension funds have rocketed over the past one to two months as schemes were hit by the double whammy of falling interest rates and dropping equity values.

The aggregate funding position of PPF-eligible defined benefit schemes worsened by £24bn in May due to a slump in equity markets and shifts in gilt yields, figures released today show.

Nomura has launched a fixed income fund offering institutional investors absolute returns through interest rate markets.

EUROPE - Nomura has launched a fixed income fund offering institutional investors absolute returns through interest rate markets.

Embattled BP chief executive Tony Hayward has reassured pension schemes the firm's obligations will be met despite spiralling costs following the Gulf of Mexico oil spill disaster.

GLOBAL - Embattled BP chief executive Tony Hayward has reassured pension schemes the firm's obligations will be met despite spiralling costs following the Gulf of Mexico oil spill disaster.

Pension funds face losing 25% of their benchmark investment return if they fail to actively manage currency risk, delegates heard.

Property management and development group Places for People plans to close its final salary scheme to future accrual in the face of crippling pension costs.

Reformed hedge funds operating under traditional principles can provide investors with valuable diversification against equities, delegates heard.

Insurance specialist Zurich will launch an institutional corporate wrap platform in early 2011, PP has learned.