Europe

UK/GLOBAL - AFA Systems, a global provider of software solutions for the banking and asset management industries, has launched Benefit, a web-enabled member administration system.

UK - Fund managers believe that trustees in the UK have little interest in socially responsible investments, claiming that those that do invest in them are "primarily interested in protecting their own reputations and deflecting criticism".

UK - AXA Investment Managers has set up a division to handle asset-backed securities after the market grew by nearly 45% last year.

UK - Govett Investments is diluting its holding of top-rated bonds in favour of "better value" triple-B credits.

UK - Employee benefit consultant Gissings has backed compulsory pension contributions as the answer to the current "pensions crisis".

UK - Firms will have to increase the retirement age of staff if pension benefits are to be maintained, Bacon & Woodrow warns.

UK - Big Food Group - formerly known as Iceland - has dismissed claims it could be sued for breach of contract after closing its final salary scheme.

UK - Worthing-based actuary Mark Lloyd & Co is being taken over by pensions services provider the FPS Group for £3m.

UK - Too many investors are still "blindly" following indices even though conditions are ripe for higher returns from active managers, Royal & SunAlliance Investment Management claims.

UK/GLOBAL - Mercer Investment Consulting's recommendations have beaten global indices by 1.1% throughout 2001, according to its latest internal performance audit figures.