Intech, the specialist quantitative equity manager for institutional investors, presented research at the NAPF [UK National Association of Pension Funds] Investment Conference in Edinburgh that challenges the widely accepted view that average active managers consistently underperform equity indices.

The investment options under Personal Accounts, the government’s complementary pension scheme due for launch in 2012, are likely to be dominated by passive strategies in order to keep costs down, according to Paul Myners, chair of the Personal Accounts Delivery Authority (Pada).

The British Private Equity and Venture Capital Association (BVCA) used the publication of its report into The Impact of Private Equity as a UK Financial Service 2006/7 to warn that the benefits its industry brings to financial services and the broader economy could be jeopardized if the government does not address uncertainty over taxation.

The transfer of the Rank Group’s £700m (€919bn) pension scheme to Goldman Sachs will have little effect on its asset allocation in the short term.

Dawid Konotey-Ahulu explains three complementary approaches to measuring risk within pension funds.

F&C may be up for sale, but the three-year growth plan and geographical expansion of chief executive Alain Grisay shows a new maturity has arrived at company headquarters.

In much of Europe and the US, the fortunes of the life insurance and asset management industries have long been tied together, and dismantling them, as life stalwart Friends Provident is finding, is no easy matter.

Following the credit crunch of 2007, many parts of the European property market saw some correction during the latter half of the year, with secondary property taking the biggest hit. While higher yields present a buying opportunity, investors are now likely to take a more cautious approach to acquisition.

The US economy remains fragile as housing sector weakness feeds through to consumer sentiment and spending. It now seems likely that economic growth will slow, inevitably impacting profits growth.

In the US the focus is on the subprime debt and credit crunch woes and the course of interest rates and possible stagflation. The outlook is more benign however for Latin American economies and markets, as for emerging markets generally.

In our view, Asia is exceptionally well positioned to outperform despite a G7 economic slowdown. The post-1997 financial rebuilding of the region is now beginning to bear fruit. In contrast to the G7 economies, balance sheets are in good shape at the sovereign, company and household levels, allowing reinvestment to drive future growth.

Vanguard CIO Gus Sauter tells Henry Smith why he is cautiously optimistic for the global economy, and explains his scepticism towards fundamental indices.

In the asset management industry, portfolio diversification is widely regarded as the only “free lunch” in town. But according to Gus Sauter, CIO of Vanguard Investments, ill-fated structured products came to be considered by many investors as another free lunch.

The innovation in the securitisation business which spawned complex leveraged structures such as collateralized debt obligations and CDO squareds and cubeds, was driven by the belief that the slicing and dicing and parceling out of risk would serve to lessen the exposure of a single investor to a high risk.

Railpen, the UK railways pension scheme encompasses nine member schemes and five smaller funds, with £19bn in assets. Nat Mankelow talks to chief executive Chris Hitchen about a new decision making structure and plans to extend the alternatives allocation.

When Société Générale’s Jérôme Kerviel posted the largest ever single trading loss this February there were striking similarities with other rogue trading scandals from the past. Peter Guest asks whether or not the industry has learnt its lesson.

January 21 was generally a bad day to be trading. Quickly dubbed ‘Black Monday’, it saw the FTSE 100 record its largest ever fall. The US markets were closed for Martin Luther King Jr. Day, but Asian and European markets tumbled. It was, therefore, not a good time to start unwinding directional positions in European stock indices totalling close to €50bn.

Virginia-based private equity and fund of hedge funds firm Private Advisors has established its first presence in Europe. Martin Steward speaks with CEO Jens Bisgaard-Frantzen about the strategies the firm brings to Europe and his plans to broaden the investment offering.

The global credit crisis has seen issuance of commercial mortgage backed securities drop significantly. But investment banks tell Nat Mankelow that instruments are currently mis-priced, preventing investors from behaving rationally.

Securitisation is showing signs of life in Central and Eastern Europe, with Austria as the hub. Nat Mankelow reports on the private deals being struck, but asks, when will the public market return?

Bespoke products for investors and variance swaps are just two examples of the innovation seen in the equity derivatives market in recent years. Christine Senior reports.

Attracted by less regulation and greater investment flexibility, Chinese firms are seeing a migration of key personnel from public to privately managed funds. Henry Smith investigates.

With investors worried by the events of the past year, hedge funds are seeking tighter regulations over prime brokers’ access to their assets. Elizabeth Cripps reports.

Climate change and social responsibility dominate the political agenda, but are the big institutional investors taking any notice? Elizabeth Cripps reports.

Fund managers are using ETFs to access emerging markets and maintain exposure to broad markets. Ceri Jones reports.

Euro Cautious Balanced funds aim to push the efficient frontier out as far as possible given their very conservative risk profiles. But, as Martin Steward explains, “very conservative” does not mean that this sector leaves little choice or variety for investors.

At a recent Institutional Investors’ Congress in Vienna, representatives of key pension schemes took time out from the debates about alpha and beta to offer some pointers on the dos and don’ts of institutional sales and client relationships. Martin Steward reports.

Hedge funds are increasingly open to litigation to recover losses from “fat-finger” errors and other operational foul-ups. Martin Steward talks to specialist insurance broker Baronsmead.

Short extension investments are gaining in popularity, but a lack of infrastructure and expertise could threaten some of the fledgling funds. Peter Guest looks at the effect they are having on systems and procedures.

Peter Guest talks to Adeo Ressi, founder of website thefunded.com, which allows entrepeneurs to elaborate on their experiences with venture capital companies.

Apart from the merger that produced BNY Mellon – which has shot to the top of the custody league table – it has been a relatively low-key year for the sector. But growth in derivatives has helped to keep the mood upbeat, as Gerry O’Kane reports.

The European Commission draft directive on the funds sector was intended to address the question of costs but it appears that it will avoid the most pressing issue – the management passport system for cross-border selling of Ucits. Ceri Jones reports.

Our panel debates the slowdown in investment operations outsourcing deals over the past year, and reveal their experiences of how just how complicated the process can be for all concerned.

Until now, technology vendors have underserved funds of hedge funds, which have seemed content with their lot. But recent growth in the sector means that demand for more sophisticated and automated offerings is increasing. Peter Guest reports.

Given the recent emphasis in the market on better risk management, is the buy-side waking up to the need for greater automation of OTC derivatives? Virginie O’Shea investigates .

Performance among global firms for their custody services was lacklustre this year, with only Credit Suisse improving its overall score by a decent margin. But RBC Dexia also did well across several categories, with its focus on service and staff retention. Gerry O’Kane reports.