United Kingdom

UK - Accountancy giant Ernst & Young faces damning criticism for its role in the near-collapse of Equitable Life.

UK - The Royal Bank of Scotland has become the latest company to offer mobile phones on a salary sacrifice basis to its staff.

UK - The Universities Superannuation Scheme has sold a property for £17.2m as part of a drive to rebalance its commercial property portfolio.

UK - Fidelity Investments is to launch a major assault on the defined benefit market, focusing on both fixed income and liability mandates.

UK - National Grid Transco has assured workers it included safeguards on their pensions when it sold four regional gas pipelines for £5.8bn.

UK - Mothercare's pension funds have dropped Legal & General Investment Management, Merrill Lynch Investment Managers and SG Asset Management following an investment review.

UK - Insurance and consulting firm SBJ Group has acquired Miller Financial Services for an undisclosed sum.

UK - The £293bn (e430bn) Northern Trust Global Investments has been chosen by the trustees of the YMCA Pension and Life Assurance Plan to run a £26m equity and fixed income brief on a manager-of-managers basis.

UK - A new study of short-termism has found most UK pension schemes retain their managers for at least five years.

UK - No gain, no fee fund manager Bedlam Asset Management has outperformed both UK and global equity indices.