Europe

US/EUROPE - High yield as an asset class is well established in the US where it can offer both depth and breadth - around 1200 issuers covering a wide range of sectors.

UK - Bob Mendelsohn, chief executive of Royal & Sun Alliance, has quit the troubled insurer with a £1m-plus pay-off.

UK - Private equity specialist Candover Investments posted pretax interim profits of £8.4m - an increase of 31% over last year.

UK - TUC general secretary John Monks has repeated threats of further strikes action if employers continue to junk final salary pension schemes.

UK - Winterthur Life sold £561m of single premium group personal pensions through IFAs in the first half of the year.

SWITZERLAND/UK - Private equity house Gresham is to separate from its parent company Zurich Financial Services, following a management buyout.

UK - Liberal Democrats want employees to have greater protection from pension scheme closures.

UK - Neptune Investment Management has appointed Barry Norris as fund manager on the European equity fund.

UK - Edinburgh Fund Managers has selected software, services and consultancy Marlborough Stirling as its outsourcing partner for its Edinburgh Portfolio Pension plans.

UK - Consultants fear brewing giant Scottish & Newcastle's likely decision to contract back in to the State Second Pension will open the floodgates for other employers to follow suit.