Europe

UK - Leisure giant Six Continents has denied that pressure from Hermes Pensions Management made it promise to return approximately £1bn to investors.

UK - HBOS will restructure and strengthen its senior investment team when it rebrands and relaunches later this year.

UK - Tory MPs have lambasted Labour's failed pensions policy after reports that ministers are planning to make staff contributions compulsory.

ITALY - Fonchim, the first contractual private pension fund to be launched in Italy, is to transform into a multi-compartment vehicle next year with a choice of investment strategies for its members, in a move that is likely to be followed by other funds...

UK - A high level source at a top international consultancy firm has slated the appointment of Andrew Smith as new Secretary to the State for Work and Pensions as bad new for industry.

UK - Merrill Lynch Investment Managers has lost another four mandates from dissatisfied pension funds.

EUROPE - German financial analysts and institutional investors are calling for greater risk controls for European banking before financial integration becomes a reality.

UK - The Bank of England has set aside over £500,000 to pay pensions and benefits to its directors, its annual report reveals.

EUROPE - A new European football index has been created by Dow Jones STOXX to give investors exposure to the European football sector.

UK - Companies are rushing to close defined benefit schemes without understanding the risks involved, an international law firm warns.