Europe

SWITZERLAND / ITALY - Partners Group, a Swiss-based alternative asset manager, has announced a joint venture to provide alternative investment solutions to the Italian institutional market.

UK - The BT Retirement Plan has confirmed that it has sacked Barclays Global Investors (BGI) as its active equities manager due to poor performance.

UK - The British Telecom, Friends Provident and Stagecoach Group pension schemes have come top in the UK Social Investment Forum (UKSIF) Sustainable Pensions Report.

UK - New research from Watson Wyatt has found that 70 % of senior new hires at large UK companies are now offered a defined contribution (DC) pension.

UK - Global electronics giant Siemens has been hit by threats of a strike after announcing plans to close its defined benefit (DB) scheme to UK members in a move that will affect 6000 employees.

UK - Government deregulation could hold the key to stopping the rush from defined benefit (DB) to defined contribution (DC) schemes, according to a survey from the National Association of Pension Funds (NAPF).

DENMARK - Pensionskassernes Administration (PKA) has committed DKK400m (US$75m) to a real estate project in Manhattan, New York.

UK - Major asset allocation changes have followed the switch by the Philips UK Pension Fund to a liability driven investment (LDI) strategy.

UK - The Office of Manpower Economics has issued a tender for a pensions consultant.

UK - Watson Wyatt has switched its defined benefit (DB) scheme from final salary, to career average, and raised the retirement age from 60 to 65.