Europe

UK - The financial services industry should brace itself for more knocks to already deflated business and employment levels over the next three months as firms face waning demand and further costcutting.

UK - Sophis, a provider of portfolio and risk management solutions, has signed a licence agreement with AXA Investment Managers.

UK - Charitable and non-profit groups that rely on donations and have significant pension deficits face tough decisions on costs, a leading consultant says.

EUROPE - Frank Russell Company has opened an office in Madrid, Spain as part of its European growth strategy.

UK - Gartmore has hired David Lee in a bid to strengthen its macro hedge fund team in London.

EUROPE - Unigestion has hired Michael Larsen to head its institutional sales and marketing activities as part of a push to strengthen its presence in the European asset management market.

UK - Schemes should boost their exposure to the pharmaceuticals sector as it will be one of the few growth areas in 2003, Newton Investment Management claims.

UK - Short-changed members of insolvent schemes are set to launch mis-selling claims against employers in a bid to win their full pension entitlement.

UK - Industry experts have given a cautious welcome to plans to replace the Occupational Pensions Regulatory Authority with a new kind of regulator (NKR).

UK - The government's pension reforms will need backdating if they are to achieve real simplification, the Faculty and Institute of Actuaries claims.