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SWITZERLAND - Custodian KAS Bank has finalised a direct connection to the Swiss central securities system SIS (SegaInterSettle).

SWITZERLAND - Christoph Schenk has joined Credit Suisse Asset Management Switzerland as its new chief investment officer.

SWITZERLAND/LUXEMBOURG - UBS Global Asset Management has been named Europe's top fund manager at the European Fund Awards 2003

GERMANY - German industrial conglomerate ThyssenKrupp became the first European company to be downgraded over its pension fund deficit following an earlier warning from credit ratings agency Standard & Poor's.

SWITZERLAND - Multi-manager Frank Russell has linked-up with Swiss pension and employee benefits consultant Pendia Associates to offer its services to Swiss institutional investors.

GERMANY - KAS Bank has been officially registered as clearing and settlement agent for XETRA, the electronic trade platform of Deutsche Börse.

GERMANY/EU - 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.

FRANCE/GERMANY - Société Générale is to provide Allianz-owned AGF with global custody and trustee services to some E70bn assets.

GERMANY - Commerzbank faced its first ever annual loss as it posted its full year figures for 2002.

GERMANY - Gartmore is joining a band of investment companies considering legal action against the German government if it goes ahead with proposals to charge "discriminatory" taxes on non-German funds marketed in Germany.