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ALM and Asset Management - April 15, 2011

Exclusive seminar on accounting and sponsor risks in corporate pension plans organised in London, Paris and Amsterdam in May as part of the AXA Investment Managers "Regulation and Institutional Investment" research chair

At the seminar entitled, “The Elephant in the Room: Accounting and Sponsor Risks in Corporate Pension Plans”, Samuel Sender, Applied Research Manager at EDHEC-Risk Institute, will present a major study conducted by EDHEC-Risk Institute as part of the research chair on "Regulation and Institutional Investment" endowed by AXA Investment Managers. The study analyses how pension funds and sponsors manage the main risks they face and how institutional constraints influence the investment strategy of sponsors and pension funds.

During the presentation, Samuel Sender will detail the results of an exclusive survey which finds that the institutional setup has a great influence on the risk management practices of sponsors and pension funds and that it contributes to inefficiencies in the management of risks. On the whole, accounting risk is an important risk for sponsors, and sponsor risk is the main risk for traditional defined-benefit pension funds. These two risks are often not hedged or managed because doing so is not facilitated by the institutional setup—laws, social, accounting, and prudential rules, as well as the pension insurance schemes and governance rules that define the organisation of pension plans.

Erwan Boscher, Head of Pension Solutions at AXA Investment Managers will also be making a presentation at the event on the topic of “Practical Insights into Pension Fund Regulation and Consequences for Investors”.

The seminars, open to institutional investors, will be taking place on 16 May in Paris, 17 May in Amsterdam and 18 May in London. For further information, please contact severine.anjubault@edhec-risk.com.