Europe

UK/IRELAND/JAPAN - The investment case for Japan remains a strong one despite recent criticism, according to Edinburgh-based investment manager Martin Currie.

UK/EU - Lawyers warn that the Inland Revenue must prepare for a backlash from pension schemes for failing to tax early retirement benefits in accordance with a landmark EU ruling.

UK - The £1.2bn Hertfordshire County Council Superannuation Fund is to tender for a £60m private equity mandate.

UK - Beleaguered insurer Royal & SunAlliance is to sell its group risk business to Canada Life for £60m.

EUROPE - International Financial Data Services (IFDS) - a State Street and DST joint venture - has appointed Jim Clark as head of European business development.

FRANCE - BNP Paribas Group, Frances biggest bank, posted a net income of just over E1bn for the second quarter, a drop of 13% on the corresponding period last year.

UK - The near-£250m Parliamentary Contributory Pension Fund (PCPF), the UK's pension scheme for Members of Parliament, may be looking at a more specialist investment set-up.

UK - Market volatility has resulted average pension funding levels dropping to 87% from 100%, according to new research from Hewitt Bacon & Woodrow (HB&W).

UK - Law firm DLA Corporate Group has made David Reuben an employee benefits partner.

UK - Pension schemes have broadly welcomed proposals outlined in Alan Pickering's simplification report, but have urged more radical reform, according to data from the National Association of Pension Funds (NAPF).