Europe

UK - James Purnell, the Minister for Pensions Reform, has welcomed the findings of the Thornton review - despite a lack of support from the Association of British Insurers (ABI) about proposals to merge the Pensions Ombudsman (PO) and Financial Ombudsman...

UK - The recommendations of the Thornton report to combine the Pensions Ombudsman (PO) and Financial Ombudsman Service (FOS) will benefit consumers, according to Paul Thornton, who carried out the review.

ITALY - State Street Global Advisors (SSgA) has appointed Marco Fusco to become the managing director of its business and operations in Italy.

UK - Zurich Assurance has transferred £3.7bn in assets and approximately £3.9bn in liabilities to Swiss Re to focus on its core business of pensions, investments and protection.

UK - A new report from the GMB trade union has held the private equity sector responsible for at least £2bn in unfunded pension fund liabilities.

UK - A new platform called BidRoute is set to be launched at the end of this month which aims to create the first automated auction service for portfolio trading.

ITALY - Some 80% of Italian companies have stated a company pension scheme is central to employee benefit and reward policy, according to a survey by Watson Wyatt.

UK - The Cheshire local authority pension fund has invited applications from firms to manage a £330m active bond mandate.

UK - The Pensions Regulator's powers look set to be tested after the Kohlberg Kravis Roberts-led takeover of Alliance Boots was backed by shareholders but without any agreement on filling the fund's deficit.

UK - A survey has highlighted the risks associated with the Government's new system of personal accounts when they are introduced in 2012.