United Kingdom

UK - Alternative managers Man Investments and RMF have launched a joint fund-of-hedge funds product to give risk-adjusted returns.

UK - Goldman Sachs Asset Management is to manage the tactical asset allocation of Staffordshire County Council pension fund's £970m equity portfolio.

UK - Trustees have given a cautious welcome to new regulations that will allow schemes to bring member transfer values in line with available assets.

UK - Company performance has a direct correlation with shareholder activism, a new report concludes.

UK - The vast majority of active fund managers are failing their clients by benchmark hugging, Mercer Investment Consulting claims.

UK - Job losses throughout the life and pensions sector are being predicted following a spate of redundancies at Norwich Union.

UK - Third-party administrator FPS Group has won business from four schemes including the £6m Engineering Council's final salary scheme.

UK - Trade union calls to limit directors' contracts to three months have been criticised as "excessive" by pension funds.

UK - The government must lift the 1% cap on stakeholder pensions if it makes "lifestyling" mandatory for default funds, industry leaders warn.

UK - Oil giant ChevronTexaco has reorganised its fund manager selection following the merger of its two defined benefit pension schemes.