Europe

UK - Monarch Airlines Limited Retirement Benefits Plan has appointed Northern Trust to run a £60m manager-of-managers mandate.

UK - The National Association of Pension Funds is to issue best practice guidelines for schemes on how trustees should deal with investment consultants.

UK - Bond managers will be hit by plans from the Financial Services Authority to unbundle payments for research and fixed income trading, Mercer Oliver Wyman warns.

UK - The Trades Union Congress has vowed to lead a drive for greater shareholder activism among member-nominated trustees.

UK - Baillie Gifford has won a £110m UK equity mandate for Northern Trust's manager-of-managers platform.

UK - Firms can cut the number of sick days due to stress by letting staff work from home in purpose-built garden offices, a specialist firm claims.

EUROPE - European Commission's Council of Ministers has approved the investment services directive, also known as the directive on Financial Instruments Markets.

UK - The Pensions Commission will urge the government to simplify the "overly-complicated" pensions system, delegates at Mercer's Global Investment Forum were told.

UK - Northern Trust has appointed Penelope Biggs (pictured) as head of its institutional custody, fund administration and asset servicing businesses in Europe, Middle East and Africa.

UK - Publishing group Harper-Collins has completed the second enrolment of its flexible benefits plan.