US asset managers are in uproar in Poland at the moment, after the Polish government announced it would not recognise their degree qualifications; an obligation under Polish law for pension fund management, and may also subject them to further examinations before they are granted an official pensions licence. None would comment directly on the issue though, for fear of jeopardising their situation in the ongoing negotiations.

The process of 'nostrafication', which will involve the verification of US de-grees by a Polish university supervisory body, has arisen because unlike mainland Europe and the Eastern Bloc, the US has no international treaty with Poland.

As a result, US managers must un-dergo the process, which can sometimes take up to six months to resolve, and may also be asked to relive their Harvard or Yale days with a series of additional tests.

One source commented: It's ridiculous really, because a manager could have a degree from any second rate European university and qualify easily, while a Harvard graduate is subjected to this grilling.""