Europe

UK - The trustees of the Press Association Pension Fund have a completed a £60m buy-in transaction with Legal & General.

UK - Defined benefit pension schemes reached an aggregate deficit of £194.5bn (US$277.5bn) in December 2008, figures from the Office for National Statistics reveal.

UK - The net cost of buyout for pension schemes which remained heavily exposed to equities became 13% more expensive during 2008, latest figures by Paternoster reveal.

UK - The West Sussex County Council pension fund has awarded a £567m (US$798m) investment mandate to UBS.

UK - Pensions buyout business in 2009 will match 2008 levels of around £8bn (US$11.3bn) in 2009, Lane Clark & Peacock (LCP) research reveals.

GLOBAL - Henderson has confirmed talks with New Star Asset Management regarding a possible offer for acquisition.

EUROPE - Private equity firm H.I.G. Europe has acquired trade execution and custody services company FNZ Holdings as part of a management-backed buyout for an undisclosed sum.

UK - Old Mutual Asset Managers (OMAM) has launched a currency hedge fund.

UK - The falling value of sterling represents an opportunity for foreign sponsors of defined benefit (DB) pension funds to take action on scheme deficits, according to consultants Punter Southall.

EUROPE - Institutional investors dropped hedge funds and shifted allocations to fixed income following the Madoff scandal and disappointing returns during the fourth quarter of 2008, a survey by Mandatewire has revealed.