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Mr. Bond managed pension and investment funds for about 25 clients, including the National Basketball Association's pension plan.
To cover the likely shortfall of public pensions, 13 countries now have mandatory private pension systems, in which workers are required to contribute a portion of their income to privately managed pension funds to supplement their public benefits.
Mr. Tusk has faced criticism from business leaders as well, after offering a plan for the state to take over part of the assets of privately managed pension funds.
Jack Chartier, Mr. Hevesi's former chief of staff, is said to have arranged for an investment firm that managed pension fund money to make loans to a friend, the former "Mod Squad" actress Peggy Lipton.
Against the background of such big share gains over such a long period, it is hardly surprising that so many new investors have been lured into the stockmarkets.In America, for instance, nearly half of all households now own shares, either directly or through mutual funds, 401(k) plans or directly managed pension plans.
He says things have changed since the Russian financial turmoil three years ago this month: domestic pension funds are a point of stability in the country's wobbly capital markets.Two years ago the government licensed 21 privately managed pension funds, hoping that they would defuse a potential demographic time-bomb.
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Hermes Pensions Management, which manages pension funds for the BT Group, agreed to buy the General Electric Company's 50percentt stake in MEPC Ltd., a property investment company.
The competition among investment firms to manage pension funds is intense; the firms typically make millions of dollars in management fees from the arrangements.
Fees for managing pension funds can be very lucrative.
Until 1990 these were the only financial institutions that were allowed to manage pension assets.
The comptroller also scrutinizes contracts, audits programs and manages pension funds.
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