Europe

UK - Pension funds that drop underperforming asset managers and replace them with outperforming firms are following a flawed strategy, according to performance measurers the WM Company.

UK - Industry figures have welcomed the two-tier system which Paul Myners believes is needed for compliance with his review's code of principles.

UK - The Inland Revenue has put back its consultation paper on annuity reform until later this month.

UK - Two shareholder meetings are worthy of note in the week starting January 7, according to corporate governance specialists Institutional Shareholder Services (ISS).

UK - The prospect of euro membership is prompting UK pension schemes to reduce their exposure to UK equities, fund managers claim.

UK - Private equity firm HgCapital has backed the management buyout of Eagle Rock Entertainment, obtaining a controlling interest in the firm and providing it with £34m of development capital.

UK - Lancashire County Council's £2.6bn pension fund has retained the services of Henderson Global Investors in running a £50m UK ethical brief.

UK - One AGM is worthy of note in the week starting December 31, according to corporate governance specialists Institutional Shareholder Services.

UK - Analysis by Schroders' chief economist shows that of all the major world economies, the UK will stand out as a beacon of growth in 2002.

UK - Investment services organisations CAPS and Russell/Mellon Analytical Services today announced that they are merging their European businesses, with the purchase of CAPS by Russell/Mellon.