Europe

UK - Disgruntled local authorities have hit out at government plans to give senior councillors access to the local government pension scheme.

UK - Morley Fund Management has strengthened its UK institutional team with two appointments.

UK - Investments in farmland have beaten equities consistently over the past decade, research by Investment Property Databank reveals.

UK - The safety of corporate bonds is being improved by companies tightening budgets in weak markets, fund managers claim.

UK - Prudential is considering closing its £4.8bn defined benefit scheme to new members.

UK - London Underground has revealed a £250m FRS17 deficit on its £3.26bn pension scheme for the year ending March 31.

UK - Insight Investment, the asset management arm of HBOS, has recruited Marcus Hooper as head of dealing.

UK - The £2bn J Sainsbury Pension Scheme has reached an out of court settlement with Merrill Lynch Investment Managers (MLIM) nearly a year after threatening legal action following poor performance claims.

UK - US global benefits consultancy Towers Perrin has hived off its UK fund manager research and selection business.

UK - State Street Global Advisors has expanded its cash management team with the appointment of Peter Atkinson to oversee regional credit analysis.