Investment

Sales of enhanced annuities rose to £448m in the second quarter of this year, bringing the total sales in the first half of 2009 to £891m, Watson Wyatt research reveals.

Interserve is set to close its defined benefit scheme to future accrual for all non-passport members from the end of this year.

The Bank of New York Mellon will acquire Insight Investment Management from Lloyds Banking Group for £235m.

NETHERLANDS - Kempen Capital Management has raked in fiduciary management mandates worth €800m (US$1.1bn) from five different investors, the firm announced.

US - Corporate pension funds outperformed all other institutional investors in the quarter ending June 30, according to data from consulting firm Wilshire Associates.

The aggregate funding position - total assets minus total liabilities - of defined benefit schemes improved by over £40bn over the last month, the Pension Protection Fund says.

Friends Provident has signed a contract with technology provider FNZ to provide an enhanced workplace platform to be delivered during 2010.

Friends Provident's board has recommended shareholders accept the latest acquisition offer from Resolution.

CHINA - The China Investment Corp. (CIC) announced returns on its global portfolio of -2.1% in 2008 in the sovereign wealth fund's first publicly reported annual report since its inception.

More than nine-tenths of senior industry figures expect "unsustainable" defined benefit schemes to continue to close to existing members because of cost pressures on sponsoring employers, latest Penrose Financial research reveals.