Europe

UK - A new disclosure code on trading costs for fund managers is to be developed jointly by the National Association of Pension Funds (NAPF) and the Fund Managers' Association (FMA).

UK - Friends Ivory & Sime (FIS) has strengthened its fund of funds and global portfolio construction teams with three new appointments.

UK - Invesco has redesigned its GT Strategic Bond Fund. From October 24, 2001 it will be known as the GT Global High Income Fund and will extend its investment guidelines to allow it to also invest in global high yield bonds.

UK - Henderson Global Investors - the investment unit of Australian financial service group AMP - is set to launch a UK Equity Market Neutral hedge fund.

UK - The Personal Investment Authority (PIA) has taken disciplinary action against life insurer Prudential. The firm has been fined £650,000 for failures in its pensions review procedures.

UK - The FRS17 accounting standard will prompt pension funds to increase their investments in non-government debt, according to Paul Grainger, manager of Gartmore's UK gilt and fixed interest fund.

UK - Alternative fund manager, Man Investment Products, is set to launch its latest capital guaranteed offering.

EUROPE - Fortis Investment Management (FIM) - the investment arm of EUR34bn Fortis AG - is to start eyeing possible European distribution partners.

UK - Keith Broughton has joined William M Mercer as a European partner. Based in London, he will be advising a portfolio of major multinational clients on their global reward strategies, compensation and benefits and employee mobility issues.

FRANCE - The French government last week significantly expanded the worldwide market for inflation-indexed bonds by issuing the first true Euroland-based inflation-indexed bond.