UK - FSA approval and a US$500m mandate have been awarded to SilverStreet Capital, the fund of hedge fund management group founded by two former ABN AMRO alternatives managers.

ESSEX County Council has appointed Record Currency Management and Mellon Global Investments as active currency managers for its pension fund.

SEI has launched a "master trust" defined contribution pension scheme for UK employers.

UK - SEI has announced the launch of the SEI DC Master Trust, a new trust-based defined contribution (DC) provision for employers and members, via a partnership with Capita Hartshead.

US - After an appeal hearing, Ohio-based AK Steel has been told to pay US$46.2m to former employees who claimed the company miscalculated pensions under an early retirement programme.

UK - The recentlly formed Pensions Insurance Corporation (PIC) has appointed JPMorgan Worldwide Securities Services to provide custody, fund accounting and associated services.

EUROPE - The dream of cross border pension provision will become a reality, according to Philip Neyt, chairman of the Belgian Pensions Institutions Association.

FRANCE - Fortis Investments has launched a fundamental 130/30 Euro strategy designed to enhance return from Eurozone equities, with similar risks of the standard market benchmark.

SPECIALIST bulk annuity provider Paternoster has taken more than £400m of pension scheme liabilities onto its books since its launch last year, the company has announced.

THE GOVERNMENT must use its deregulatory review of pension scheme legislation to provide "a third way" for employers or face widespread levelling down of provision under the personal accounts system, the Association of Consulting Actuaries says.