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Institutional Investment - April 16, 2009

EDHEC organising an exclusive press presentation of the results of its major new study on the influence of the institutional and regulatory frameworks on the financial management of pension funds

On April 22, 2009 in London, as part of the EDHEC/AXA Investment Managers research chair on Regulation and Institutional Investment, the EDHEC Risk and Asset Management Research Centre is organising a special press presentation of its major new study which analyses the impact of prudential and accounting constraints on the asset-liability management (ALM) of European pension funds in the Netherlands, the United Kingdom, Germany, and Switzerland.

At the event, which will be introduced by Martin Hall, Head of AXA Investment Managers, United Kingdom and Nordics, Samuel Sender, Applied Research Manager at the EDHEC Risk and Asset Management Research Centre, will highlight three main challenges for pension funds, and the means by which these challenges can be met:

  • The trend toward stricter accounting regulations implies careful management of the accounting volatility from pension funds, with particular attention paid to the accounting discount rate.

  • Stricter minimum funding constraints, i.e., limited allowances for underfunding, can be managed with modern ALM techniques. These techniques also help meet the regulatory requirement for better risk management.

  • However, pension funds are long-term investors subject to short-term regulatory constraints. Because short-sighted strategies are counterproductive, the challenge for both pension funds and their regulator is to take a long-term approach to investing pension fund assets and to regulating pension funds.
Erwan Boscher, Head of Pension Solutions, AXA Investment Managers, will also be discussing the consequences of pension fund regulation for investors.