Europe

ITALY - Nine industry-wide Italian pension funds have issued tenders for the management of a default option that will replicate returns posted by final indemnity funds and offer capital and minimum yield guarantees.

CYPRUS - Hewitt Associates has opened a new office in Nicosia, Cyprus, bringing the number of European countries in which Hewitt has operations to 17.

UK - The £700m London Borough of Southwark Pension Fund has awarded global equity mandates to Alliance Bernstein and Newton Investment Management.

BELGIUM - Herd mentality is a significant problem in the Belgian pension fund industry and it is essential that liability streams be used as the basis for asset allocation, said Philip Neyt, chairman of the Belgian Association of Pensions Institution...

EUROPE - State Street Corporation has appointed three Europeans to its board of directors, effective immediately.

UK - The release yesterday of the Pension Protection Fund's (PPF's) levy estimate for 2007/2008 has prompted widespread and varied criticism from consultants.

UK - The Pension Protection Fund (PPF) has set its levy estimate for 2007/2008 at £675m - more than double the £324m the fund is expected to collect for 2006/2007.

UK - It is essential the new pension savings scheme proposed by government complement, rather than replace, the current pension provision, the NAPF has claimed.

UK - The Strathclyde Pension Fund has awarded its first unconstrained, long only, global equity mandates to Alliance Bernstein, Edinburgh Partners, Invesco and Lazard.

UK - The Royal County of Berkshire Pension Fund is seeking a specialist manager to take on an £80m to £85m mandate investing in Asia Pacific including Japan.