Europe

UK - Secretary of state for Work and Pensions, James Purnell has confirmed retirees getting payments via the Financial Assistance Scheme (FAS) would not have to pay higher rate tax.

UK - Fund managers have reported an optimistic outlook despite the ongoing credit crunch, according to new research by PriceWaterhouseCoopers (PwC) and the CBI.

UK - Lower prices and better income security for scheme members have increased the popularity of occupational pension fund buyouts over the past twelve months, according to Watson Wyatt.

UK - Friends Provident has refused to comment on speculation it is talking to buyout firms about taking on part of its pension fund, to make the company a more attractive takeover target.

UK - The £2bn (US$3.97bn) Teeside Pension Fund is to place its UK direct property mandate out to tender.

UK - Consulting firm Watson Wyatt Worldwide has chosen Carl Hess to succeed Roger Urwin as global head of investment consulting.

UK - Pension funds' holdings in global equities plummeted for the eighth consecutive year in 2007, from 62.7% to 55.1%, according to BNY Mellon Asset Servicing.

ITALY - Private bank Union Bancaire Privée (UBP) has invested in Aletti Gestielle Alternative (AGA), a fund of hedge funds provider in Italy with €3.6bn (US$5.7bn) in assets under management.

UK - Changes to the valuation assumptions used for pension scheme valuations under section 143 and section 179 of the Pensions Act 2004 have been confirmed by the Pension Protection Fund.

NORDICS - JPMorgan Worldwide Securities Services is to take over Nordea's custody business, handling assets worth €200bn ($315.8bn), and expand its local deposit activity in Scandinavia.