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SWITZERLAND - Swiss pension funds posted "satisfactory" returns in 2004 but were let down by overweighting and poor stock selection, according to WM Performance Services, the European performance measurement division of State Street.

GERMANY - Hewitt Associates and Bode Grabner Beye are set to combine their German operations to form a new consulting and administration business.

SWITZERLAND - Global personal insurance group and BNP Paribas subsidiary Cardif is to set up business in Switzerland in 2005.

GERMANY - Jones Lang LaSalle has hired Christian Ulbrich to spearhead its business in Germany.

GERMANY - Jones Lang LaSalle has hired Christian Ulbrich to spearhead its business in Germany.

GERMANY - Jones Lang LaSalle has hired Christian Ulbrich to spearhead its business in Germany.

SWITZERLAND - Credit Suisse has backed out of talks with Axa, France, over the sale Winterthur, the Swiss group's insurance business, after failing to receive an "adequate" price offer.

GERMANY - Industry professionals in the German pensions market are calling for the government to put compulsion on its agenda.

GERMANY - Speculation was realised today with WestLB announcing it has sold its 31.3% stake in TUI to Deutsche Bank, which plans to sell 14% to institutional investors in Europe and the US.

GERMANY - Deutsche Gesellschaft fur Immobilienfonds mbH (DEGI) has sold its commercial building in East London, bought as an investment for its open-ended real estate fund Grundwert-fonds, for an undisclosed amount.