Europe

ITALY - The underdeveloped pension fund industry in Italy is impeding growth of the financial system and preventing the restructure of a productive economy, said Bank of Italy governor Mario Draghi.

UK - The National Association of Pension Funds (NAPF) and Trust Associates have joined forces in an effort to help pension fund trustees locate quality investment expertise.

NETHERLANDS - KAS BANK has transferred its private banking activities to Nachenius Tjeenk as part of its strategy to focus on institutional business.

ITALY - The three largest Italian trade unions have confronted the government on pensions issues they claimed had been left by the wayside.

France - Presidential candidate Nicolas Sarkozy has called for equality on the issue of retirement age.

UK - The £3.6bn London Pensions Fund Authority (LPFA) has re-appointed JPMorgan as its global custodian.

UK - Deutsche Bank and Mercer Investment Consulting have launched a global multi-manager investment index available through Deutsche Bank's FXSelect Platform.

EUROPE - Credit Suisse's asset management business is set to launch a Europe-wide fiduciary management offering to tap into a market currently dominated by Goldman Sachs Asset Management (GSAM).

UK - Paul Duncombe has been appointed global head of Schroders' strategic solutions team as the firm aims to strenghten its multi-asset team.

NORWAY - Norges Bank Investment Management (NBIM), the manager of Europe's largest pension fund, has appointed Espen Klitzing as CFO and deputy CEO.