US - Old Mutual Asset Management - the US asset management group of Old Mutual - announced assets under management (AuM) fell nearly US$17bn to $230.8bn in the second quarter. 

Small companies cut back defined benefit schemes; Local government schemes must have tighter auditing controls; Government launches campaign to encourage women to save for retirement; Aviva reports A-Day sales boost

ITALY - Direct investment in funds such as hedge funds would help Italian pension funds diversify and generate alpha within portfolios which currently contain no uncorrelated assets, claimed Andrea Canavesio, partner at Mangusta Risk.

INSURER Aviva has revealed record half-year results, including a 27pc rise in profits, which is says is down to a strong pick-up in the UK pensions market.

THE SALVATION Army has slashed its Pension Protection Fund levy by more than £140,000 after highlighting a string of "inaccuracies" in its risk report.

UK - Luc van Hoof has left the EIM Group to join Investec Asset Management as a new member on its board of directors.

JAPAN - The world's biggest pension fund, Japan's JPY100trn (US$871bn) Government Pension Investment Fund (GPIF), is under pressure to diversify its portfolio outside of equities and bonds.

THREE-QUARTERS of smaller firms have closed their final salary schemes as firms battle to absorb growing funding costs, a new survey shows.

UK - The new entrants to the defined benefit bulk annuity buy-out space are expected to exploit a technique which allows them to manage pension fund liabilities in tranches, as they break into the burgeoning market.

UK - Alan Whalley, formerly of Watson Wyatt, has joined Mercer Human Resource Consulting as chief executive of its UK company.