Europe

UK - The NAPF has kick-started the expansion of its voting services group with the appointment of City heavyweight Geoff Lindey.

UK - The Bank of England's surprise cut in interest rates from 4%to 3.75% will have a limited effect on pension funds, consultants say.

UK/EUROPE - Axa's investment management divisions have seen revenues and assets under management fall because of plunging markets.

UK - The Financial Services Authority has appointed James Glass as director of quality assurance and internal audit.

UK/EUROPE - Axa's investment management divisions have seen revenues and assets under management fall because of plunging markets.

UK - Drinks giant Allied Domecq said that it may have to pay £40m into its £1.8bn pension scheme to rectify the effects of falling markets.

UK - Investec Asset Management has credited its active management style for its strong performance in the CAPS pooled balanced fund survey 2002.

UK - Employers will need to ensure their definition of "salary" is the same as its scheme rules when calculating benefits following a pension ombudsman determination.

UK - The industry should brace itself for a new wave of final salary closures, a leading expert warns.

BELGIUM/FRANCE - Euroclear France, the world's largest settlement system, has launched Europe's first automated processing service for Exchange Traded Funds (ETF) in the primary market.