Europe

UK - The Association of British Insurers have slammed the FRS17 number used to calculate pension fund deficits claiming it gives an incomplete view, according to its research paper.

UK - The London-based asset management activities of Credit Suisse have been placed on ‘rating watch negative' by Fitch Ratings.

UK - A further six pension schemes, including the 6,000 member MG Rover scheme, have transferred to the Pension Protection Fund (PPF), bringing the total number of schemes to come under the PPF's wing to nine.

DENMARK - The Danish pension system is vulnerable to low interest rates, low equity and property prices and needs to be closely monitored, according to an IMF report released yesterday.

UK - Neither the trustees of Sainsbury's two pension schemes nor the Pensions Regulator would have the "power" to force a private equity bidder to pay the £3bn needed to plug the supermarket giant's pension deficit, claimed an independent consultant....

UK - State Street Global Advisors (SSgA) has won a £165m global equity 130/30 mandate from the Asda Group Pension Fund, for Global Alpha Edge.

UK- Almost a third of pension funds (30%) reallocated over 5% of their investment portfolio during 2006 as the impact of scheme closures and increased maturity affected investment strategy, according to research by Aon Consulting.

UK - Local authority pension funds will oppose the remuneration report of BP at its AGM as it funds want it to link executive pay with health and safety performance.

SPAIN - BNP Paribas Securities Services, a subsidiary of BNP Paribas, has acquired Exelbank, a subsidiary of Banco Sabadell specialising in custody services.

DENMARK - Janus subsidiary INTECH has been awarded a US$330m enhanced equity mandate from Pensionskassernes Administration, Denmark's largest administrator for occupational pension funds.