Europe

UK - In a clear sign of the pressure facing the transition management industry to finalise the T-Charter, pension funds have been referring to it in its current form when tendering mandates.

UK - Independent institutional fund manager Hermes, whose largest client is the BT Pension Scheme (BTPS), has reportedly asked Prudential to contemplate a break-up.

GLOBAL - A report from specialist hedge fund consultancy, Liability Solutions, found hedge fund replication techniques underperformed fund of hedge funds net of fees.

DENMARK - Denmark's largest pension fund, ATP, has posted bumper Q1 investment returns of DKK5.4bn (US$985m) before tax, with listed domestic equities.

UK - The Surrey Pension Fund has issued a mandate seeking a global equity and currency manager.

UK - Stamp duty costs pension funds £574m each year, according to a new report by study group Oxera, commissioned by the London Stock Exchange and other major players.

UK - Allenbridge group has purchased a 51% equity stake in EPIC Investment Advisors from Syndicate Asset Management in order to expand its appeal to pension trustees.

UK- Trustees in the Alliance Boots pension scheme have reportedly demanded approximately £1bn from its potential private equity owners to cover a shortfall.

UK - Henderson Global Investors has lost a £230m contract as fixed interest fund manager for the Lothian Pension fund.

UK - Pension fund members in the London Borough of Lewisham Superannuation Fund have been given a voice on ethical issues.