Investment

Three pension schemes have been honoured by the Pensions Research Accountants Group for the quality of their summary reports to members.

BlackRock has completed its merger with Barclays Global Investors.

EUROPE - The investment fund market in Europe grew by 7.2% in the third quarter and had €6.8trn (US$10.3trn) under management at the end of September, the latest quarterly data by the European Fund and Asset Management Association (EFAMA) revealed.

UK - Ofcom has published a consultation on how it accounts for BT's pension costs when setting regulated wholesale charges for telecommunications services.

The Financial Reporting Council has launched a consultation on its proposals to overhaul the Combined Code.

The Pensions Regulator has issued revised internal controls guidance for consultation, as part of a campaign to improve scheme governance and administration standards.

Richard Reid has stood down from his role as chief executive following JLT Group's purchase of HSBC Actuaries and Consultants.

EUROPE - The European Fund and Asset Management Association (EFAMA) has hired consultant McKinsey to formulate proposals aimed at the European Commission on fund distribution and long-term savings.

UK - The Information Commissioner's Office has ruled Verity Trustees, the independent trustees for The Pensions Trust, breached the Data Protection Act when unencrypted personal data of 110,000 scheme members was stolen from its software provider.

GLOBAL - Schemes need to prepare for the return of inflation in case central banks fail to control upward pressure on prices, Watson Wyatt said.