UK - Insurance group AEGON is rebranding its UK asset management division to Kames Capital to differentiate its name from the rest of the business.

Sarah Russell, chief executive AEGON Asset Management, said the aim was to better align the UK branch with customer needs and "create appeal" for outside investors.

AEGON said it was concerned its name caused confusion between the insurance and asset management arms of the company.

Kames Capital takes its name from Lord Kames, the Enlightenment-era Scottish philosopher and lawyer.

The name is meant to emphasise the company's Scottish roots, as its offices are based in Edinburgh.

Andrew Fleming, current chief executive at AEGON Asset Management UK, will continue to lead Kames Capital.

Allowing time for stakeholders to adjust, the rebranding will take place on 1 September.

Meanwhile, the pension fund for UK sandwich maker Uniq is set to see its deficit decrease by almost half, after Ireland's Greencore Group confirmed a £113m (€128m) takeover bid.

The offer, made by wholly owned subsidiary Greencore Foods, values shares of Uniq at 96p.

Following a debt-for-equity swap agreed between the company and its pension scheme earlier this year, Uniq was freed of its duties as sponsor, with the defined benefit (DB) scheme instead granted a 90% stake in the company. Trustees soon after advertised the stake as for sale.

Under IAS19, the scheme had a £229m deficit in June last year, with the total cost of a buyout estimated to be £428m by Uniq.

Geoff Eaton, chief executive at Uniq, said the offer was the "best possible result" for all parties.

The price offered by Greencore marks an almost 63% increase over the per-share value when the scheme first announced its intention to sell all or part of its 90.2% stake and also marks a premium over the closing price of 76.5p on 11 July.

Finally, the Pensions Regulator (TPR) has dropped proceedings against Chemtura Manufacturing, sponsor of the Great Lakes UK Pension Plan, after both parties agreed a £60m funding proposal.

Trustees had initially approached the regulator in March 2009, following a Chapter 11 bankruptcy filing by Chemtura's US parent company, Chemtura Corporation.

A warning notice - noting that a financial support direction (FSD) could be issued - was eventually dispatched in December last year following an investigation by TPR, with a full determinations panel hearing dropped after trustees and the sponsor agreed a funding proposal that took into account £30m of payments, as well as an additional £30m staggered over the next three years.

Stephen Soper, executive director for DB regulation at TPR, said: "A negotiated agreement is clearly preferable to having to take enforcement action, and we urge sponsoring employers and their parent companies to engage positively with scheme trustees to ensure pension schemes have adequate security."

FSDs have previously only been issued in cases against Nortel Networks and Lehman Brothers.

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