UK - Old Mutual Asset Managers (OMAM) has launched a currency hedge fund.

Crédit Agricole and Société Générale have signed a preliminary agreement to combine their asset management operations.

Including: UK - Leatherhead food appoints Giddings; US - New York fund allocates $550m to emerging manager programme; UK - Hermes Private Equity hires investment manager

UK - The falling value of sterling represents an opportunity for foreign sponsors of defined benefit (DB) pension funds to take action on scheme deficits, according to consultants Punter Southall.

US - General Motors (GM) and the Securities and Exchange Commission (SEC) have settled a dispute over discount rates used to calculate projected returns for the GM pension fund.

GLOBAL - Crédit Agricole and Société Générale have signed a preliminary agreement to combine their asset management operations.

LEATHERHEAD Food International has appointed Gissings to provide actuarial, consultancy and investment advice to its defined benefit pension scheme.

THE falling value of sterling represents an opportunity for foreign sponsors of defined benefit schemes to take action on deficits, Punter Southall says.

The Financial Services Authority has defended its decision to lift the ban on the short selling of financial stocks - dismissing concerns this had caused dramatic falls in financial stocks' prices over the last week.

The £2.2bn Avon Pension Fund has awarded a £90m property mandate to Schroders as part of a wider allocation to UK and European property.