Asset management
Changing times for diverse family
A family that began in the early 1900s faced moving into the new century with an expanded and diverse family where the present generation needed to take control and start planning for the next.
Absolutely fabulous
A readiness to adapt to changed market circumstances has generated an impressive track record for Cape Town-based Alpha Macro Managers’ Absolute Alpha Fund, helping it avoid the worst of last year’s market upset. By Mark Pengelly
A matter of trust
More than a year on from the collapse of Lehman Brothers, administrators are still trawling through the estate of Lehman Brothers International (Europe). A scheme of arrangement designed to speed up the return of trust assets to clients failed to win…
Deal of the year - Babcock International
Longevity swaps have been talked about as a solution to pension schemes’ longevity risk management challenges for some years. But this year Babcock International turned theory into practice when it became the first fund to complete a deal. Andrew sheen…
Multinational insurer of the year - Allianz
A nurturing of its capital base and an ability to react positively to unfavourable market events has made Allianz Life & Pensions’ multinational insurer of the year. Aaron Woolner reports
Innovation of the year - SEB Pension
In a year that has witnessed variable annuity providers massively scale back the level and increase the cost of the benefits they offer, Denmark’s SEB Pension has constructed a product that bucks the trend, raising the level and reducing the volatility…
Pension fund of the year - PKA
Danish pension fund PKA uses a Solvency II-inspired internal model to fine-tune its risk management approach. Andrew Sheen reports
Enhanced transfer value transactions activity marks return of buy-out market
The UK’s long-dormant pension buy-out market could be on the verge of resurgence, as improving market conditions and increased de-risking activity through enhanced transfer value (ETV) transactions have combined to make pricing more attractive and…
Local authority opts for longevity swap
The £1.2 billion Royal County of Berkshire pension fund is poised to take the bold step of signing a longevity swap deal to cover all of its 10,000 pensioners, in the first of its kind for a UK public pension scheme.
Different degrees
Solvency II will require a massive upgrade in insurers’ technological capability. But as the deadline for implementation looms ever closer, not all in the industry have made the same level of progress.
Finding certainty in uncertainty
Pension funds need to operate efficiently during periods of long-term uncertainty, so how can they best mitigate their risks? Theo Kocken, chief executive of Cardano, examines two theories by Keynes and Pascal on decision-making during uncertain times
Choose life
The US life settlements sector is marketing itself to pension funds and European insurers as an easy way to add diversification to a portfolio. But how are the risks modelled and how can the banks and hedge funds that are brokering the transactions…
The hybrid split
Insurers’ capital management has relied heavily on hybrid debt over the last decade – a strategy that has come under threat from Ceiops' latest Solvency II proposals. Aaron Woolner reports
Life & Pensions -- New Website Intro
Life & Pensions editor Aaron Woolner introduces readers to the magazine's new online portal.
LME delays launch date for minor metals
The London Metal Exchange (LME) has delayed the launch of its new minor metals contracts for molybdenum and cobalt until February 22 2010.
Pensions puzzle
Senior politicians in Brussels are calling for Solvency II to be extended to incorporate occupational pension schemes. But actuaries and other solvency experts say this would be a disaster for plan sponsors and members. John Ferry reports
Rethinking and revaluing
Many US insurance companies have reported massive losses on the hedging of variable annuity products. European variable annuity providers, however, have faced problems of their own. Matt Cameron reports
Calculation of variable annuity market sensitivities using a pathwise methodology
Under traditional finite difference methods, the calculation of variable annuity sensitivities can involve multiple Monte Carlo simulations, leading to high computational cost. A pathwise approach reduces this dramatically, while providing an unbiased…