United Kingdom

UK - In a letter to Railtrack, the Financial Services Authority (FSA) has backed the rail infrastructure firm's version of events leading up to its collapse with regard to past speculation about the state of the company's knowledge prior to the entry...

UK - Friends Provident has become the latest insurer to cut with-profits payouts, warning that figures could drop further still.

UK - The Accounting Standards Board is softening its line on the controversial new accounting standard FRS17.

UK/GLOBAL - BlueBay Asset Management has launched a $150m hedge fund this week - its first product after the company was set up last year.

UK - JPMorgan Investor Services has given its backing to the Institute of Public Policy Research's (IPPR) report on pensions reforms in the UK, despite the Government's recent dismissal of the findings as "simplistic and misguided".

UK - Companies affected by rating agencies' aggressive downgrading of corporate bonds could turn their backs on issuing such debt.

UK - The Association for Institutional Multi Manager Investing (AIMMI) was formally inaugurated on February 25, 2002.

UK - Martin Currie has appointed David Watts, former Gartmore chief executive officer, as a non-executive director.

UK - Britannic Asset Management is boosting its fixed interest team with the appointment of Phil Heaney as investment manager with responsibility for credit analysis.

UK - Pharmaceutical giant AstraZeneca has cut its pension funds' equity allocation in favour of bonds.