Investment

EUROPE - European fund managers broke with global trends and switched into defensive stocks in recent weeks, according to Bank of America's (BofA) latest fund manager survey.

UK - Trustees and sponsor companies should look at the company's defined benefit scheme as if it were a subsidiary of the sponsor company, Watson Wyatt head of settlement solutions Michael Chatterton said.

AUSTRALIA - Australian superannuation provider AMP will increase the pension contributions it pays for its employees to 12% from the mandatory 9% by 2014.

Asset liability models have a vital role to play in the investment decision making of pension fund managers, Lane Clark & Peacock says.

UK - The CDC Pensions Scheme has completed a £370m (US$621.6m) buy-in with Rothesay Life.

US - Institutional investors in the US could move some US$300bn to $500bn from US large-cap strategies in the next three to five years, a survey by Bank of America Merrill Lynch showed.

SWITZERLAND - Officials at UBS expect to see positive flows into its asset management unit next year, the Swiss bank said as it discussed an overhaul of the company's strategy aimed at bringing the firm back into positive territory.

Gatemore Capital Management is expanding its investment consultancy services into the UK with the launch of a London office.

Cable & Wireless is set to split its main UK pension scheme into two as part of demerger proposals to separate into its two businesses, Worldwide and CWI.

The CDC Pensions Scheme has completed a £370m buy-in with Rothesay Life.