Regions

EUROPE - Germany is the prime target of action against discriminatory rates of tax on foreign investment funds in Europe, while most EU members continue to block a real single market for funds through differential tax levies.

UK/EUROPE - WestAM has launched the WestAM Navigator multi-strategy fund - its second hedge fund.

EUROPE - Axa Rosenberg Investment Management, the specialist equity manager, has been appointed by two new pension fund clients in Continental Europe.

EUROPE/UK - European equity markets are expected to rebound this year, with average returns reaching highs of 15% on both UK and continental European stocks.

GLOBAL - MSCI performance figures for early reporting funds in its Hedge Fund Composite Index showed growth of 1.3% in December.

UK/EUROPE - Northern Trust has set up two manager-of-manager funds for Scottish Equitable.

UK - Hewitt Bacon & Woodrow has added four new consultants to its investment team: Andrew Chapman, Colin Campbell, Sean Daykin and Nick Duff.

GLOBAL - Recent optimism over prospects for equity markets in 2003 is misplaced.

GLOBAL - Historically low cash levels are preventing fund managers from taking advantage of undervalued equities, according to the latest Merrill Lynch survey.

EUROPE - Profits slides, dwindling revenues and more job cuts are set to blight European fund management over the next twelve months.