Europe

UK - Consultancy firm William M Mercer is up for review at the pension fund for Birmingham International Airport.

UK - The massive Teachers Pension Scheme (TPS) in England Wales is seeking a fund administrator.

UK /GLOBAL: Hermes Focus Asset Management (HFAM), the UK active shareholder fund manager, has hired Corinna Arnold to head up its international business development.

UK - The £355m London Borough of Brent Superannuation Fund is setting its sights on an asset allocation study in September, with a number of changes to its investment strategy on the horizon.

EUROPE - Speaking to the British Chamber of Commerce in Brussels yesterday, Financial Services Authority chairman Howard Davies said the conclusions of the Barcelona Summit have given new impetus to the single European financial market.

UK - Nottinghamshire County Council has moved to the next stage of its search for private equity fund of funds.

UK - Government plans to legislate for more disclosure on executive remuneration may not be effective in curbing boardroom excess, the Association of British Insurers (ABI) has said.

UK - With the median return at -9.7% for 2001, pension funds suffered their second consecutive year of negative returns, according to the latest Russell/Mellon CAPS pooled pension fund update. This is the first time this has happened since 1973/74.

UK - Fund managers do not have a full understanding of transaction related costs, and the ignorance is so widespread that William M Mercer claims "even some large managers may not themselves have a good grasp of the full transaction costs they incur."...

FRANCE - Economic activity in France probably bottomed out in December 2001 and disinflation is in progress, according to the latest market commentary from CDC Ixis Asset Management.