Global

SWITZERLAND/SAUDI ARABIA - UBS is set to start financial and securities business activities in Saudi Arabia, following the authorization of Riyadh's Capital Market Authority.

ITALY/CHINA - Assicurazioni Generali has acquired a 30% stake of Chinese asset manager Guotai in a €100m (US$140m) deal that allows the Italian insurer to expand its reach into the Chinese pension market.

GLOBAL - Law firms representing pension funds and other investors are targeting investment consultants and national authorities for their clients' losses in the Madoff scheme following the financier's conviction this week.

GLOBAL - The worldwide private equity sector has raised US$76.2bn from pension funds and other institutional investors in the second quarter of this year, according to data by Preqin.

GLOBAL - The majority of asset managers around the world believe their industry will become more polarised, with large players rising to positions of dominance, a report by Create-Research reveals.

GLOBAL - Currency managers have failed to position themselves in the market as a mainstream asset class for pension funds despite attractive returns, an asset manager has claimed.

GLOBAL - One in ten investors is expected by its peers to default on commitments made to private equity funds in the next years, the latest survey by Coller Capital revealed.

UK/US - Officials at the newly acquired Barclays Global Investors (BGI) are making a bet that coming out from the Barclays Capital umbrella and becoming an independent firm will help assets grow quicker.

GLOBAL - Active management firms' revenue worldwide declined by 30% - 50% last year, Watson Wyatt research reveals.

UK/GLOBAL - Any deal to sell Barclays Global Investors would lead to further industry consolidation, consultants say.