Europe

SWITZERLAND/UK - Swiss Re has confirmed it is to launch into the pension fund buyout market in September.

UK - Aon Consulting has announced it has been appointed scheme administrator to the Milk Pension Fund, the pension fund for the UK milk industry.

UK - Active managers' poor performance has led the London Borough of Hillingdon to dramatically restructure its pension fund portfolio in favour of a passive approach.

FRANCE - The €35bn (US$54.7bn) Fonds de reserve pour le retraite (FRR, France's reserve retirement fund) has placed four mandates out to tender.

UK - Improvements to the biology of aging could affect the longevity funding issue for defined benefit (DB) schemes a panel discussion organised by Punter Southall found last week.

UK - Almost half of defined benefit (DB) schemes have shifted their asset allocations from equities to bonds over the past 12 months, data from Aon Consulting has revealed.

GLOBAL - Investors have backed calls for the reform of credit ratings agencies (CRAs), a survey by the CFA Institute has found.

Portugal's third pillar system has come under fire from the pension industry, with insiders questioning the need for a publicly-funded third pillar in competition with private options.

DENMARK - Danish pension fund giant ATP is looking at launching further into China, after its chief executive returned from a trip to the country earlier this week.

UK - Industry leaders in the UK have welcomed the Association of British Insurers' (ABI) report on insolvency risks and the role of sponsors' covenant as a "useful first step" but cautioned there is still a long way to go for it to be entirely useful....