Europe

UK - The Investment Management Association (IMA) has branded the ruling from the International Accounting Standards Board (IASB) on initial fees as "absurd".

UK - State Street has appointed Cassie Martin vice president of sales and relationship management for the firm's expanding European transition management team.

UK - Hewitt Associates has said the number of investment managers it recommended for "unconstrained" mandates had doubled over the last two years in response to client demand.

DENMARK - The prevalent use of interest rate swaps to hedge future liabilities is set to continue among Danish pension funds, industry players in the country have said.

UK - Gissings has appointed three new senior consultants in an effort to strenghten its research and products development practice.

SPAIN - The social security system would be unsustainable without the contributions made by immigrants, said Spanish labour minister Jesus Caldera.

UK - The Transport and General Workers Union (T&G), said today the company's pension proposals were still "unfair and unacceptable", after British Airway's statement on the actuarial review.

UK - Credit Suisse has appointed Fawzi Kyriakos-Saad to the newly-created position of emerging markets CEO in the Europe, Middle East and Africa (EMEA) region.

DENMARK - The lucrative Danish industry has become a hotly contested one following number of new entrants and a concerted push by mid-sized players, industry players said.

UK - Societe General Asset Management is to launch a UK-domiciled "equities global alpha" fund next month aimed specifically at small to medium-sized UK pension funds.