United Kingdom

SCOTLAND/US - Troubled Edinburgh Fund Managers (EFM) is to close its North American offices with the loss of six jobs.

UK - Retail giant John Lewis says it is unlikely to close its pension fund's defined benefit scheme - even though its FRS17 deficit is increasing.

UK - Jardine Lloyd Thompson (JLT) has replaced Towers Perrin as bundled adviser to the Victor International Plastics Limited Associate Benefits Scheme.

UK - Leading pensions lawyers have accused the ombudsman of a lack of transparency after he concealed the level of compensation awarded to a scheme member.

UK - Rolls-Royce has warned investors that its earnings could take a £35m hit due to a worsening pension fund deficit.

UK - Pumps and valves manufacturer the Weir Group is making a £7.7m payment into its £400m Weir Group Pension & Life Assurance Scheme.

UK - Credit Suisse Asset Management (CSAM) has strengthened its UK institutional market team with the appointment of Annabel Stephens.

UK - The £12.5bn BP Pension Fund has acquired a £19m industrial property portfolio from insurance company London Life.

UK - The Pensions Compensation Board is investigating whether a Manchester-based furniture company stole from its pension fund.

UK - Institutional fund sales have slumped some 80% for the 12 months ending July 31, 2002, according to the latest data from the Investment Management Association.