Work starts on private equity code of conduct; Fears of recession spark further turmoil in markets; Unilever limits UK scheme; Buffett slams hedge funds for high fees

GLOBAL - Schroders Asset Management saw its institutional funds under management fall £1.3bn to £77.4bn in 2006, as institutional outflows rose.

SWITZERLAND - Dexia Asset Management saw its assets under management reach €105.2bn by year end, up 16.1% (14.6bn) on 2005.

THE INSTITUTE of Actuaries has expelled former chief executive of Equitable Life, Roy Ranson, following a disciplinary proceeding.

THE £733M London Borough of Southwark has appointed JPMorgan Worldwide Securities Services as its custodian and fund accountant.

SCHEME exposure to derivatives is set to soar because fund managers are increasingly ditching cash bonds in favour of credit default swaps, experts say.

NEW ZEALAND - The NZ$12.2bn New Zealand Superannuation Fund (NZ Super) has appointed eSecLending as its third-party provider to manage its securities lending programme.

NIGERIA - The country's three largest pension institutions now manage assets worth over N1trn (US$7.76bn).

TOTAL funds under management at Schroders rose 5pc in 2006 despite the loss of more than £17bn of institutional assets, the company's preliminary results reveal.

UNILEVER UK is to close its £5bn final salary scheme to new employers and set up a hybrid fund in its place.