Pimco’s McCulley Detects a Bottom Reached in Secular Bull Market in Bonds Paul McCulley, a portfolio manager and partner at Pacific Investment Management Co., the world’s biggest manager of bond funds, said a bottom in yields has been reached during the “secular” bull market in government bonds.

Abax Global to Follow Blackstone, CLSA With Chinese Private Equity Fund Abax Global Capital Ltd., a Hong Kong-based hedge fund manager backed by Morgan Stanley, plans to start a private equity fund in China that invests in companies making environmentally friendly products such as clean energy.

Harvard’s Mendillo Increases Cash, Sees Decade of Diminished Fund Returns Harvard University’s chief executive officer for endowments, Jane Mendillo, is breaking with past strategy and setting aside cash to increase investment options, as the wealthiest U.S. school prepares for a decline in returns.

Aussie Options Turn Bearish as Odds of Rate Increase Diminish With China Currency traders who’ve made Australia’s dollar the third-best performer in the world this year say the rally may be over.

Variable Annuity Sales Fall 24% to $32 Billion as AIG, Hartford Scale Back Variable annuity sales in the U.S. fell for a fifth straight quarter as insurers, weakened by the stock market slump last year, scaled back offerings of the equity-linked retirement products.

Bond Bears Dumping Two-Year Treasuries Defy Fed History on Interest Rates Bond investors that drove two-year Treasuries down on Aug. 21 by the most since early June after Federal Reserve Chairman Ben S. Bernanke said the economy is “beginning to emerge” from recession may find themselves wishing they had held onto the securities.

Highest Commodity P/Es Hide Bargains as Earnings Forecasts Get No Respect Commodity companies, the most- expensive stocks in the Standard & Poor’s 500 Index, are turning into relative bargains.

Sawakami Asset Management President Plans to Change Posts in Three Years Atsuto Sawakami, the president of Japan’s second-biggest mutual fund focused on domestic stocks, said he plans to cede control of day-to-day operations as president in three years to do more public speaking.

Cerberus’s Focus DIY Wins Concessions on Rent From Five British Landlords Focus DIY, a U.K. home-improvement chain owned by U.S. private equity firm Cerberus Capital Management LLP, won rent concessions from five landlords to help it avoid insolvency.

Commodity Mutual Funds’ Asset Flows More Than Triple, EPFR Global Says Commodity mutual funds lifted their assets by about $7 billion this year, more than triple the year- earlier increase, according to researcher EPFR Global.