Europe

UK/GERMANY - Germany's ban preventing company managers from becoming board members until a two-year waiting period has passed could be detrimental to the country's companies, Hermes warned.

NORWAY - Norges Bank Investment Management (NBIM), manager of the Government Pension Fund - Global, has reorganised its top ranks naming eight new executives, NBIM said today.

GLOBAL - The average assets to gross domestic product ratio for OECD pension funds dropped from 75.5% of GDP in 2007 to 63.4% in 2008, according to the Organisation for Economic Co-operation and Development.

UK - The Pension Protection Fund is set to become one of the largest pension schemes in the UK in the next five years, Hymans Robertson warned.

DENMARK - Pension manager ATP Group said it made a DKK4.3bn (US$825m) contribution in the first half of the year to cover the cost of increased life expectancy among Danes, three and a half times last year's provision.

UK - Royal Bank of Scotland is to cap future increase in pensionable pay to 2% a year or the rate of inflation, which ever is lower.

UK/IRELAND - The Accounting Standards Board is currently sounding out opinion on proposed changes to accounting standards for UK and Irish companies.

UK - Defined contribution pension funds have returned to the value they were before the recession started in September last year, Aon Consulting figures showed.

UK - Pension Corporation is considering an initial public offering as pension plan deficits soar, a source familiar with the matter confirms.

EUROPE - Investors have shown renewed confidence to private equity pushing fundraising by European private equity funds up by 18% in the second quarter, data by the European Private Equity and Venture Capital Association (EVCA) revealed.