Investment fund industry service provider, KNEIP, has announced that it is to open an office in London as part of its network expansion. The new office is part of KNEIP's strategy to improve its service to clients by establishing local presence in its core markets, and the London office marks the first in a series of forthcoming openings in Germany, France and Hong Kong over the next 12 months. Paul Poletti-Gadd will head up the UK office, looking after current clients and developing new business opportunities.

The GRS Group and b have merged, accelerating the strategy of both organisations and placing them as one of the top ten search firms in the UK. While GRS has sought to develop a capital markets and advisory business, Kinsey Allen has strived to form a global platform for their specialist operations in corporate finance, infrastructure and structured finance, amongst other efforts. The new, combined firm will work towards delivering both these goals.

Close Growth Capital has acquired the business out of Close Brothers, changing its name to Growth Capital Partners LLP. The group offers structured equity, a combined equity and debt product, to small to medium sized businesses in the UK. The buyout contributes, Growth Capital Partners LLP's managing director, Bill Crossan, said, to the group's positive outlook on the future.

State Street Corporation's Swiss Pension Fund Index recorded a 3.35 per cent performance from Swiss pension funds for the first half of 2009. The second quarter was largely responsible for the positive overall result, with a 5.61 per cent return in the second quarter. This represents the first positive performance from Swiss pension funds since the middle of 2007. Transaction costs in Switzerland also decreased by 8.92 per cent in the second quarter.

KAS BANK N.V. has agreed to acquire Deutsche Postbank Privat Investment Kapitalanlagegesellschaft mbH (PPI), which currently belongs to Deutsche Postbank Group. Shares will be transferred around the end of July, and the transaction was completed for an undisclosed amount. PPI is the administrator of mutual funds of Postbank Group in Germany.

Credit Suisse Group has reported a net income of CHF 1.6bn for the second quarter of 2009, resulting from improving credit spreads on Credit Suisse debt and a solid private banking performance. The group recorded a return on equity of 17.5 per cent, and demonstrated continued disciplined risk deployment.

Premier Pension Services has been chosen by Save & Prosper to assist in exiting as professional trustee on its portfolio of 178 Small Self Administered Schemes (SSAS). Premier Pension Services will also work with Save & Prosper in a run-off project to help manage schemes that have instead decided to wind up or transfer to another trustee. "The project has been very successful in that we have provided a simplified process for the transfer of schemes that want to maintain the status of a SSAS and provided an opportunity for clients and their advisers to review those schemes where other products might be more suitable," commented Nigel Manley, head of self invested pensions at Premier Pension Services.

Neuberger Berman Group LLC has rebranded its Dublin-domiciled Mutual Funds, the Neuberger Berman Europe. Fixed Income funds will be renamed Neuberger Berman Diversified Currency Fund and the Neuberger Berman High Yield Bond Fund, while equity funds will be renamed the Neuberger Berman Global Disciplined Growth Fund, Opportunistic Fund, Straus US Equity Fund, US Large Cap Growth Fund, US Real Estate Securities Fund and the US Small Cap Growth Fund. The employee-controlled independent money manager has renamed the brand from Lehman Brothers Alpha Fund Plc to be renamed Neuberger Berman Investment Funds Plc. Lehman Brothers was the former parent of the Fund umbrella.

Standish Mellon Asset Management Company LLC will offer its investment strategies to enable international clients to invest in securities related to the Term Asset-Backed Securities Loan Facility (TALF). Standish is the fixed income specialist of BNY Mellon Asset Management, and will create two separate investment strategies focusing on consumer ABS and commercial mortgaged-backed securities, and an Expanded TALF strategy to include legacy assets.

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has released its second set of Consultation Papers on Solvency II, Advice on Solvency II - Level 2 implementing levels, for consultation. The consultation procedure has been initiated by CEIOPS in response to the European Commission's request for fully consulted advice on Level 2 implementing measures, and its recommendation to develop Level 3 guidance. The Papers have been developed on the basis of the Solvency II Level 1 text adopted by the European Parliament on 22 April 2009, and after consultation will be finalised for submission to the EC. A cover note has been issued detailing information on the topics consulted upon and deadlines for responses.

Hewitt Associates has acquired the remaining shares of BodeHewitt in Germany, a pensions and benefits consulting specialist, from Bayerische Hypo-und Vereinsbank AG. BodeHewitt is the leading benefits consulting firm in Germany, and advises more DAX30 companies than any other firm - it also serves as actuary to many mid-size and smaller companies.

Friends Provident Group plc has announced that a Court order confirming the demerger of the Group's stake in F&C Asset Management plc has been confirmed, and the related reduction of capital has been registered by the UK Registrar of Companies. The demerger is now effective and marks the completion of a major strategic objective for the Group.

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