Global

GLOBAL/US - Institutional investors, including pension funds, are turning their backs on US stocks, according to new research from Merrill Lynch Investment Managers.

GLOBAL - Pension funds and other investors looking to protect themselves from inflation should be wary of inflation-linked bonds, warns the World Gold Council.

NORWAY/GLOBAL - Norges Bank Investment Management is tendering new global external active mandates for the giant Norwegian Government Petroleum Fund (Statens Petroleumsfond), with a combined value of US$5.5bn.

SWITZERLAND/GLOBAL - Swiss financial group UBS posted a 14% decrease in first quarter net profits for 2002 after figures were bruised by losses in its private equity and investment banking businesses.

GLOBAL/UK - Actuarial and investment consultancy Punter Southall (Punter) - a unit of South African group Sanlam Financial - is to merge with UK-based actuarial consultants, BGJ & Co.

GLOBAL - Schroder Investment Management believes that the Japanese equities are facing a turnaround in fortune and are on the way up.

EUROPE/UK -Treasury civil servants want to end funded pensions but are trying to pass the blame on to the EU, a leading consultant claims.

EUROPE/UK -Treasury civil servants want to end funded pensions but are trying to pass the blame on to the EU, a leading consultant claims.

GLOBAL/UK - AXA Investment Managers has opened up one of its hedge funds - the Asian Absolute Fund - to pension funds.

FiINLAND - A major player is set to hit the Nordic hedge fund market following a new merger deal.