United Kingdom

UK - Watson Wyatt has warned companies not to take a defensive approach to the legislative detail relating to the new Pension Protection Fund and new changes to actuarial standards.

UK - Nigel Wightman, the UK managing director of State Street Global Advisors (SSgA) has resigned, just days after group CIO Alan Brown left the firm.

UK - Standard Life saw its UK institutional business rise 20% in 2004 to £1.8bn, according to the firm's annual results.

UK - European partner John Exley has left Mercer Investment Consulting for Barclays Capital.

UK - PSolve Alternative Investments (PAI) has launched a new fund of hedge funds focussing on niche hedge fund managers.

UK - Derbyshire County Council has appointed ABN AMRO Mellon as the sole global custodian for its £1.45bn pension fund, comprising four separate portfolios.

UK - Railpen, the £15bn industry-wide pension scheme for the UK rail industry, has appointed three hedge fund managers to oversee its new £600m portfolio.

UK - The National Association of Pension Funds (NAPF) has issued updated guidelines on trustees' relationships with investment consultants and advisers.

UK - Strong performance from UK pension funds in 2004 must be viewed in the context of an equity bear market recovery, the WM Company has warned.

UK - Six major UK pension schemes have banded together to produce an ‘A' Day modeller called PensionMentor.