Watson Wyatt has lost its actuarial and consultancy mandate with the £420m (€746.5m) pension fund of the London Borough of Islington.

The firm lost the mandate to William M Mercer after a formal tendering process, said Mercer.

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The private-equity firm’s profit rose amid what its executives called the best environment for selling assets in years.

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The U.K. Supreme Court said a commission from a bank to a car dealer isn’t considered a bribe and dealers don’t violate rules by not disclosing this commission to customers.

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