CBI urges government to resist union demands for collective bargaining; DWP closes White Paper consultation; Employers sacking older workers to avoid age discrimination rules; FSA says life insurers should be freed from dated solvency rules

SWITZERLAND - Siemens Switzerland portfolio manager Roland Rümmeli is being held in custody on suspicion of receiving payments in relation to a merger between banks Swissfirst and Bank-am-Bellevue.

GERMANY - In a significant blow to Bundesbank, German federal states are considering outsourcing pension assets worth billions of euros to external managers.

UK - Allianz Global Investors is contemplating a move into the burgeoning UK bulk annuity buy-out market at a time when the viability of such businesses is being called into question.

SOCIÉTÉ Générale Asset Management Alternative Investments has completed the first closing of its private value fund, a private equity fund of funds.

IRELAND - Northern Trust Corporation is to open it's second Irish fund administration operation in Limerick with the support of Ireland's Industrial Development Agency (IDA).

BNP PARIBAS has launched a world inflation linked bond in a bid to offer schemes protection against increases in prices at an international level.

DRAX GROUP, which runs the Selby power plant environmental protesters this month attempted to shut down, has entered the socially responsible FTSE4Good index.

NETHERLANDS - PGGM, the €74.4bn Dutch pension fund currently undergoing an identity rethink, has appointed Heino van Essen chairman of executive directors.

AUSTRALIA - The recently announced changes by the government are set to increase total assets in the superannuation system by more than 20% by 2020, according to actuaries Rice Warner.