UK/EUROPE - Standard Life Investments (SLI) has closed its private equity fund-of-funds European Strategic Partners II at E639m (£434m).
SLI said the fund raised in excess of its first closing target of E600m.
The final closing is likely to take place in the third quarter of 2003 when it will be worth about e1bn.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.