Europe

UK - Union Unite has warned of a "pensions backlash" from thousands of IBM employees over plans to close its final salary pension schemes to future accrual.

UK - The Universities Superannuation Scheme (USS) has paid £1.8m (US$2.9m) in bonuses to its investment staff despite its funding level dropping severely, according to its annual accounts.

UK/Global - London-based Veritas Asset Management is wooing pension funds into its global equity strategy, which is currently dominated by retail investors.

UK - Deregulatory easements making it easier for final salary schemes to function must be met with employer promises to keep schemes open, pensions minister Angela Eagle said.

UK/US - The Bank of New York Mellon will acquire Insight Investment Management from Lloyds Banking Group for £235m (US$387.2m) and aims to make the UK-focused firm a more international player.

FRANCE - The French pension fund manager Fonds de Réserve pour les Retraites (FRR) has hired Crédit Agricole Asset Management (CAAM) to run various asset classes when needed.

UK - Sales of enhanced annuities rose to £448m (US$739.5m) in the second quarter of this year, bringing the total sales in the first half of 2009 to £891m, Watson Wyatt research revealed.

UK - Friends Provident's board has recommended shareholders accept the latest acquisition offer from Resolution.

UK - More than nine-tenths of senior industry figures expect "unsustainable" defined benefit schemes to continue to close to existing members because of cost pressures on sponsoring employers, latest Penrose Financial research revealed.

FRANCE - Jean-Pierre Mustier, a 22-year veteran at Société Générale (SocGen), and head of the firm's asset management and private banking arms, has resigned amid allegations of insider trading.