Europe

UK - The liability risk-hedging market in the UK surpassed £40bn (US$62.5bn) in 2009, smashing the previous record of £35bn set in 2007, Towers Watson said.

EUROPE - The vast majority of European investment funds are not using the International Financial Reporting Standards (IFRS) in their accounting and reporting, a survey by Ernst & Young revealed.

GLOBAL - Pension funds have been returning to the UK property market in the wake of improving returns after the asset class lost almost half of its value in two years, industry figures said.

UK - Premier Foods is the latest company to be linked with a big-money longevity swap deal as it seeks to offload £2bn (US$3.1bn) of longevity risk from its Rank Hovis McDougall pension scheme.

UNITED ARAB EMIRATES/UK - Abu Dhabi's state investment authority has confirmed it has become a minority shareholder of Gatwick airport.

SWITZERLAND/ITALY/UK - Swisscanto is planning a move into the Italian pension market after a recent expansion into the UK, a company official said.

SPAIN - The Spanish government denied it planned to increase the number of contributory years needed to retire, but said it would continue with plans to raise the pension age by two years.

UK - A former trustee has questioned The Pensions Regulator's powers when it comes to enforcing contribution orders against foreign parent companies.

SOUTH KOREA/UK - The US private equity owner of Gatwick airport has confirmed that it will sell a 12% stake to South Korea's state pension fund.

ITALY - The pension fund for tourism, commerce and service sector workers (Fon.Te) launched manager searches for two of its defined contribution funds for mandates worth €900m (US$1.2bn).