UK - Falkirk Council Pension Fund has tendered a £120m contract for diversified fixed income assets, which the fund said it hoped to award by the end of the year.

SWITZERLAND - Credit Suisse has appointed Peter Schmuki to replace Mario Seris as head of asset management Switzerland.

British Polythene slashes staff pensions; FSA should scrap ‘best execution' rule; Charlemagne Capital loses a third of assets since floatation; RAB Capital takes over Northwest Investment Management

ITALY - Mercer Investment Consulting has made the first of "several" appointments with Nicola Carcano joining as head of Mercer IC in Italy, as the firm seeks to tap growing institutional opportunities in the market.

US  - The US$30bn Pennsylvania State Employees' Retirement System's (PA SERS) returns fell sharply in the first half of the year to 6.2%, but remained in a strong position.

EUROPE - Corporate-sponsored European pension funds are more underfunded than their US counterparts, according to JPMorgan Asset Management's seventh annual white paper on the funding of pension plans.

PLASTIC packaging firm British Polythene Industries is discussing "reduced benefit terms" with members of its £153m defined benefit scheme.

SPECIALIST pensions consultancy Mattoli Woods has revealed a 17.6pc growth in turnover, ending May 31, with the £7.6m up from £6.4m in 2005.

Merrill Lynch Investment Managers (MLIM) has recruited Tomas Bristedt to its retail wholesale Nordic team, with responsibility for the Nordic region.

CHARLEMAGNE Capital lost almost £1bn of assets under management during the first half of 2006, latest company figures reveal.