Currency management is a tool no longer used by investors to reduce portfolio risk but an attractive investment choice with potential for alpha generation.

Despite the hype surrounding the use of hedge fund as alpha generation tools, some of the largest institutional investors are still reluctant to make significant allocations to the asset class.

Peter Irving, the highly individual founder and chief executive of successful Asian investment boutique, Atlantis, has died, aged 49, in a “boating accident”, in the Solent, off the Southern Coast of the UK. An Atlantis spokesman said the exact circumstances were not yet apparent.

Institutional investors searching for alpha are faced not only with the challenge of choosing the right strategy, but also with the task of identifying the managers who really can deliver. As alpha comes at a premium, investors are showing concern about ending up paying too much for what in practice can be considered as beta.

While Standard Life the insurer is no stranger to both positive and negative headlines, SLI goes largely unsung despite massive achievements. The relatively young organisation is now looking to shed its niche, Scottish-focused image and break on to the global stage.

When it comes to career highlights, it’s not difficult for Keith Skeoch, CEO at Standard Life Investments, to name his proudest moment.

While attention is focused on the anticipated merger between Caisse d’Epargne and Banque Populaire, Veronique Leroux, CIO of Ixis AM, is concentrating on targeting assets in Europe and capitalising on CDOs. Henry Smith reports.

The European economy has emerged from a lacklustre period and recent data suggests that the region’s economy is booming. But one of the longer term barriers to growth in Europe remains structural economic inefficiencies.

The US outlook is all about the property market, which has been the wind beneath consumers’ wings this decade. Housing price wealth effects and mortgage equity withdrawal have allowed the US consumer to go on an unparalleled spending spree which has made US growth look much healthier than it is.

The stellar outperformance of Latin America continues. In the three years to the end of March, the region has delivered a local currency gain of 232 per cent – which is around twice that of most leading markets. But can the bandwagon continue to roll?

It is difficult to be negative about Asian equities this year in the face of current conditions. The global economy is growing at a steady clip, while economists continue to enthusiastically revise up growth estimates.

The G7 pressure for a shift in China’s currency policy is likely to see a marked increase in market intervention, writes Neil Mellor.

Pension funds are looking to alternative asset classes in order to diversify their portfolios. The resulting lower returns are offset by the reduced exposure to equity risk, writes Robert Brown.

A lack of understanding on the part of investors may lead them to have unrealistic expectations of the performance potential of absolute return strategies, writes Paula Garrido.

Covered bonds offer exposure to an earmarked asset pool on the balance sheet of the issuer, which makes them particularly attractive to yield-hungry investors, writes Ceri Jones.

Investment banks have come to the fore in the pensions industry, touting LDI strategiesin a response to a more challenging investment environment. However, many feel this will lead to a clash with asset managers, writes Gerry O’Kane.

Despite inflation and diversification worries, the economy is expected to boom for decades to come, but the reform programme is suffering. Christopher Pala reports.

Kairat Kelimbetov, minister of economy and budget planning, speaks to FTMandate about the country’s plans for curbing inflation and managing debt.

A thriving and highly profitable banking sector still draws criticism for having a short-term outlook. Christopher Pala reports.

European banks took over most of their east European counterparts when the Iron Curtain fell. Yet, despite Kazakhstan’s extraordinary boom, its banks have not been bought up. Christopher Pala reports.

Kazakhstan stands on the verge of an oil boom but government conditions

are putting oil companies off investing in the country, writes Christopher Pala.

In the over-crowded and increasingly competitive Asian market, the PF Asian Equities (ex Japan) fund believes the key to success is through qualitative and quantitative research. Paula Garrido reports.

Europe is lagging behind the US in its use of algorithmic trading, but predictions of a larger commitment to the strategy are regarded as too conservative. Tim Cooper reports.

Niall McIntyre, a director with UBS Investment Bank, outlines the reasons why algorithmic trading has not become commoditised and how to find the best in class.

Stavros Siokos, head of European alternative execution, sales, Citigroup tells FTMandate about educating the buy-side in the best use of algorithmic trading technology.

Kyle Zasky, president, EdgeTrade tells FT Mandate about his firm’s belief that despite the under-utilisation of algorithms on the buy-side currently, usage can only increase.

Brian Carr, chief executive officer of NYFIX Transaction Services speaks to FT Mandate on ways of educating the buy-side on algorithmic trading and move away from the current generic form.

Asset managers are turning their backs on the “lift-out” model of outsourcing in favour of a modular or component-based approach.

According to Suzanne Dence, senior consultant at IBM Business Consulting Services, the lift-out model “is dead” and component-based outsourcing is “the way forward”.

As hedge funds invest in an ever-more diverse range of assets and clients demand more frequent valuations, many see specialist pricing service vendors as the answer, writes Henry Smith.

The bids rejected by the LSE could end up being as good as it gets. Will this high-risk strategy pay off, asks Roger Aitken.

FTM: Looking at the wider theme of stock exchange consolidation in Europe and North America, where are we likely to be in five years time?

MC: In the medium term, Europe will take some important steps forward in the consolidation process, because undoubtedly consolidation could create more value for everyone in the market place.

FTM: What is your perspective on exchange consolidation from the Nordic region, particularly given your former involvement with the Stockholm Bors?

SN: While consolidation is valuable to a point, the large exchanges have now reached a stage where further consolidation may compromise operational efficiency and decrease pressure on costs.

FTM: What will exchange consolidation mean for the post-trade arena?

PF: The key to reducing cross-border transaction costs in the post-trade securities industry is to reduce the fragmentation of technology systems, market practices, laws and regulations.

FTM: How will the two primary exchanges in the US fare post-Reg NMS? Can the US regional exchanges compete effectively against the New York Stock Exchange (NYSE) and Nasdaq?

KZ: Nasdaq, as a fully electronic exchange, will have an easier time adjusting to the new environment in contrast to the NYSE, which is still grappling with the concept of a ‘hybrid’ market.

FTM: Although the immediate impact of Reg NMS has been well documented, what do you view as the long-term impact on ECNs and US exchanges from Reg NMS?

HS: As a result of Reg NMS, Celent believes electronic communications networks (ECNs) will be able to more deeply penetrate exchange-listed trading, well outside their traditional dominance in over-the-counter (OTC) securities trading.

The important sources of a competitive advantage in financial markets are changing, so what will traders have to do to survive in the new environment? Roger Aitken analyses the latest research.

FX may be establishing itself as an asset class, attracting institutional interest as well as cross-border trading. But new players must be aware of settlement risk, writes Jonathan Butterfield.