Europe

EUROPE - Hedge funds had much of their gains this year wiped out on Friday as half the alternative strategies reporting daily data to Hedge Fund Research's investable indices lost over 1% of their value in just 24 hours.

EUROPE - Investors are flocking to safe haven UK government bonds as they seek shelter from turbulent global markets.

UK - Lothian Pension Fund is tendering for new global equity managers following the appointment of Invesco Perpetual and Baillie Gifford to run its separate Pan Asia Pacific equity mandates.

UK - M&G, the asset management arm of insurer Prudential, saw profits rise 39% in the first half of 2011 despite a sharp decline in inflows.

UK - pension funds are failing to protect themselves adequately against the effects of a European debt and economic crisis, Cardano believes.

UK - Councils have been given just six weeks to come up with a package of reforms to slash £900m ($1.5bn) from taxpayer contributions to the Local Government Pension Scheme.

UK - Annuity rates could hit their lowest point for two years as the sovereign debt crises hits gilt yields, experts believe.

UK - GKN has knocked £28m ($45.9m) off its UK scheme deficit since December thanks to asset value gains arising from its asset-backed partnership arrangement.

UK - Mercer has recruited Paul O'Connor as head of asset allocation for its investment management business in Europe, Middle East and Africa.

UK - The aggregate pension deficit for the UK's biggest companies dropped by 63% in the last year thanks to shifting indexation measures and continuing high levels of employer contributions.