Europe

UK - The National Employment Savings Trust will up its exposure to return-seeking assets through direct investment about five years into its life, its chief investment officer says.

EUROPE - More than half of pension trustees perceive commodities as a less risky investment following the credit crunch, according to research commissioned by Goldman Sachs Asset Management (GSAM).

UK - The government's decision to switch pension indexation to the Consumer Prices Index is "policy on the hoof", the Labour pensions spokeswoman says.

UK - Investec has agreed to sell Rensburg Fund Management Limited to Franklin Templeton for £45m ($71.5m).

UK - Institutional bond investors look increasingly likely to suffer amid the ongoing debt crisis and should seek safety in secured assets, M&G warns.

UK - Start-up investment manager Carduus Capital has become the latest hedge fund investor to offer to refund part of its fees if it does not perform as institutional clients expect.

UK/US - Merseyside Pension Fund has tripled the size of its fund of hedge funds allocation with Pacific Alternative Asset Management Company (PAAMCO) to $75m.

FRANCE - The Fonds de réserve pour les retraites (FRR) has fired BlackRock from a €478m ($651m) US small-cap equity portfolio, taking 87% of the assets the firm runs in the strategy.

UK - GlaxoSmithKline trustees have agreed a £900m ($1.4bn) buy-in deal with Prudential.

UK/EMEA - Northern Trust has appointed Wilson Leech as CEO for its Europe Middle East and Africa (EMEA) region.