Africa

AFRICA - Standard & Poor's has expanded its Africa Index Series with the addition of the S&P Pan Africa, S&P Africa Frontier and S&P Africa 40 indices.

SOUTH AFRICA - Asset managers in South Africa have been given more flexibility to invest overseas, as the offshore allowance for pension funds was raised to 20% in the 2008 Budget.

SOUTH AFRICA - South Africa's more than R1trn (US$130bn) institutional pension system suffers from service providers' conflicts of interest, inadequately educated pension fund trustees and an insufficient distinction between the financial interest of...

SOUTH AFRICA - Experts have warned the government has been "dragging its feet" on pension reform and the 2010 deadline will not be met.

European pension funds have given African pension funds advice on how to use beta effectively in a pension fund portfolio.

Watson Wyatt has taken a initial 20% stake in South African consultancy, Fifth Quadrant, in its fourth major deal of the year.

MOROCCO - Citi Markets & Banking is now providing direct custody and clearing services to clients in Morocco, bringing its network to 50 markets.

SOUTH AFRICA - The national treasury is said to be expecting a backlash against legislation that has forced companies to refund pension fund surpluses which had been misused, according to reports.

SOUTH AFRICA - The Financial Services Board (FSB) has appointed its first black, female pension fund adjudicator.

SOUTH AFRICA - The state pension fund manager rejected a R25bn (US$3.5bn) bid by Bain Capital for the retailer Edgars Consolidated Stores Ltd, in which it controls 3%.