Europe

NORWAY - Norges Bank Investment Management has funded seven new external mandates for the NOK1.5trn (e187.5bn) Government Pension Fund - Global - in the second quarter.

UK - The £800m Clwyd Pension Fund is tendering UK core equity, global unconstrained equity and global unconstrained fixed income mandates worth approximately £265m.

EUROPE - Citigroup has launched a European Insurance and Pension Structured Solutions group (IPSS) to be based in London.

ITALY - The retirement age can be raised as long as the complementary pensions sector is launched immediately, said Pier Paolo Baretta, secretary general, CISL, Italian Confederation of Workers' Trade Unions.

EUROPE - Differences in occupational pensions' legal status in EU member states and in the management of the institutions have proved to be the greatest challenges the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) is facing...

UK - Local authorities do not look to their bond portfolio to generate returns or alpha, but simply for diversification, according to Fidelity International.

DENMARK - The DKK398.6bn (e53.4bn) ATP recorded half year profits of 4.5bn, despite changing interest rates causing a drop in both assets and liabilities.

EUROPE- Deutsche Asset Management (DeAM) has heightened its hedge fund focus in Germany, Switzerland and Scandinavia by appointing Charles Simeon, formerly of Optimal Investors Services, to its team to sell DB absolute return strategies in these countries....

UK - The British Coal Staff Superannuation Scheme and the Mineworkers Pension Scheme have retained JPMorgan Worldwide Securities Services (WSS) as their custodian.

ITALY - Labour minister Cesare Damiano lay to rest rumours that the pension fund regulator (Covip) was due to be dismantled, saying it will continue to carry out its duties.