CINXE.COM

<!DOCTYPE html>     <html class="core" lang="en" xmlns="http://www.w3.org/1999/xhtml"> <head><script type="text/javascript" src="/_static/js/bundle-playback.js?v=HxkREWBo" charset="utf-8"></script> <script type="text/javascript" src="/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("http://www.ft.com/intl/ftfm/pensions","20150712035342","https://web.archive.org/","web","/_static/", "1436673222"); </script> <link rel="stylesheet" type="text/css" href="/_static/css/banner-styles.css?v=S1zqJCYt" /> <link rel="stylesheet" type="text/css" href="/_static/css/iconochive.css?v=3PDvdIFv" />  <style id="antiClickjack">body{display:none !important;}</style> <script type="text/javascript"> if (self === top) { var antiClickjack = document.getElementById("antiClickjack"); antiClickjack.parentNode.removeChild(antiClickjack); } else { top.location = self.location; } </script> <meta http-equiv="X-UA-Compatible" content="IE=edge,chrome=1"/> <meta charset="UTF-8"/> <meta property="fb:admins" content="653531613"/> <title>Pensions Industry - latest pension news and analysis - FT.com</title> <link rel="canonical" href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/pensions"/> <meta name="description" content=""/> <meta name="keywords" content=""/> <link title="Pensions Industry" type="application/rss+xml" rel="alternate" href="https://web.archive.org/web/20150712035342/http://www.ft.com/rss/ftfm/pensions"/> <link rel="stylesheet" href="https://web.archive.org/web/20150712035342cs_/http://static-render-p.ft.com/style/f1fb4a66/bundles/core.css" media="all"/> <link rel="stylesheet" href="https://web.archive.org/web/20150712035342cs_/http://navigation.webservices.ft.com/v1/navigation/ft/css/style.min.css" media="all"/> <link rel="stylesheet" href="https://web.archive.org/web/20150712035342cs_/http://static-render-p.ft.com/style/cbffbf8b/bundles/nonArticle.css" media="all"/>  <script> var pageUUID = "07e83644-fbc2-11df-b79a-00144feab49a"; var FT = FT || {}; FT.isPage = { Context: 0, Master: 0, Site: 1, Section: 1, Front: 0, Story: 0 }; </script> <link rel="shortcut icon" href="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/m/icons/favicon.ico" type="image/x-icon"/> <link rel="apple-touch-icon" href="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/m/icons/apple-touch-icon.png"/> <script> siteMapTerm = 'Sections.Pensions Industry'; navEdition = 'INTL'; brandName = ''; primaryThemeName = ''; </script> <script> FT.env = { "site" : "ftcom", "sec" : "sectionAdvert1", "page" : "pageAdvert1", "artid" : "pageAdvert1", "server" : "", "dfp_site": "ftcom.5887.ftfm", "dfp_zone": "pensions", "isWeekend": "false", "dfp_targeting" : "XXXX;pt=ind", "asset" : "section" }; // These global vars are required for FTTrack2.js FTSection = FT.env.sec; FTPage = FT.env.page; FTSite = FT.env.site; AssetType = FT.env.asset; </script> <link href="https://plus.google.com/113457471429583444041/" rel="publisher"/> <script src="//web.archive.org/web/20150712035342js_/http://s4.media.ft.com/opentag/opentag-27295-31253.js"></script> <script src="https://web.archive.org/web/20150712035342js_/http://static-render-p.ft.com/scripts/28dd8ba0/bundles/renderHead.js"></script>  <script src="https://web.archive.org/web/20150712035342js_/http://static-render-p.ft.com/scripts/a03ca392/bundles/tracking.js"></script> <noscript> <img alt="" border="0" width="1" height="1" src="https://web.archive.org/web/20150712035342im_/http://track.ft.com/track/track.js?javascript=disabled"/> <img alt="" border="0" width="1" height="1" src="https://web.archive.org/web/20150712035342im_/http://stats.ft.com/si/track.gif?WT.js=No"/> </noscript>  <script> (function () { var version = 'latest', urlStem = '//web.archive.org/web/20150712035342/http://www.ft.com/m/advertising/', timestamp = new Date(), query = '?t=' + timestamp.getFullYear() + '-' + (timestamp.getMonth() + 1) + '-' + timestamp.getDate(); if (FT) { if (FT.env && FT.env.advertising) { version = FT.env.advertising; query = ''; } if (FT.Properties && FT.Properties.ADVERTISING_BASE) { urlStem = FT.Properties.ADVERTISING_BASE; } } urlStem = urlStem + 'advertising-' + version+ '.min'; document.write('\x3Cscript src="' + urlStem + '.js' + query + '">\x3C\/script>'); document.write('\x3Clink rel="stylesheet" media="all" href="' + urlStem + '.css' + query + '" \/>'); }()); </script>  <script src="https://web.archive.org/web/20150712035342js_/http://static-render-p.ft.com/scripts/eb8d20a0/bundles/brightcove.js"></script> </head> <body data-uid="07e83644-fbc2-11df-b79a-00144feab49a" class="nojs hoverable o-hoverable-on ">  <script type="text/javascript"> // DoubleClick DART Natural Search Tracking Code if (document.referrer){ var ord = Math.random()*1000000000000; document.write('<SCRIPT language="JavaScript1.1" SRC="https://web.archive.org/web/20150712035342/http://ad.doubleclick.net/adj/N6494.197812.NSO.CODESRV/B7995637;dcadv=4349995;sz=1x2;ord=' + ord + '?"><\/SCRIPT>'); } </script> <script>FT.$doc.trigger("pgObjStart", {key: "perceivedLoadTime"});</script>    <script> FT.preInit.setBodyClass(navigator); </script> <div id="fullpage-container"></div> <div class="introAd" data-cb-ad-id="Intro" data-cb-dfp-id="unit=ftcom5887ftfm.pensions;targeting=ind;pos=intro"> <script> FT.ads.request('intro'); </script> </div> <div class="clearfix container" id="page-container"> <div id="bannerAdvertContainer"> <div id="banlbGPT" data-ftads-pos="banlb" class="advertising" data-cb-ad-id="Leaderboard" data-cb-dfp-id="unit=ftcom5887ftfm.pensions;targeting=ind;pos=banlb"> <script> if( FT.ads.slots && FT._ads.utils.isFunction(FT.ads.slots.initSlot) ){ FT.ads.slots.initSlot("banlbGPT"); } </script> <noscript> <a href="https://web.archive.org/web/20150712035342/http://ad.doubleclick.net/N5887/jump/ftcom.5887.home/uk;sz=468x60,728x90;pos=banlbGPT;tile=1;nojs=1" target="_blank"> <img src="https://web.archive.org/web/20150712035342im_/http://ad.doubleclick.net/N5887/ad/ftcom.5887.home/uk;sz=468x60,728x90;pos=banlbGPT;tile=1;nojs=1" border="0" alt="Advertisement"/> </a> </noscript> </div> <div id="newssubsGPT" data-ftads-pos="newssubs" class="advertising"> <script> if( FT.ads.slots && FT._ads.utils.isFunction(FT.ads.slots.initSlot) ){ FT.ads.slots.initSlot("newssubsGPT"); } </script> </div> </div> <div class="master-row topSection" data-zone="topSection" data-timer-key="1"> <script>FT.$doc.trigger("pgObjStart", {key: "1", keyType: "el"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "2", keyType: "el"});</script> <div id="header" class="headerGPT clearfix" data-comp-name="header" data-comp-view="header" data-comp-index="0" data-timer-key="2"> <div id="top" class="clearfix"> <div id="page-title"> <div class="bar section"> <a class="heading hidden" href="https://web.archive.org/web/20150712035342/http://www.ft.com/"><img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/m/img/masthead_print.gif" alt="Financial Times"/></a> <p class="bc"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/">ft.com</a> <span> > </span><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/markets">Markets</a> <span> > </span><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm">FTfm</a> <span> > </span> </p> <div class="pagename"> <h1 data-pos="0"><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/pensions">Pensions Industry</a></h1> </div> </div> </div> <div class="colright clearfix"> <div id="ft-search" class="clearfix wideSearchInput"> <form id="wsod-symbolSearch" method="get" action="https://web.archive.org/web/20150712035342/http://search.ft.com/search"> <fieldset> <div class="searchContainer"> <input class="text ft-search-auto-completable" type="text" value="" name="queryText" id="simpleSearchField" autocomplete="off"/> </div> <button type="submit" class="ft-button ft-button-large o-ft-icons-icon o-ft-icons-icon--search demo-icon"></button> </fieldset> </form> </div> <div id="ftLogin"> <div class="ftLogin-loggedOut"> <a class="ft-link" href="https://web.archive.org/web/20150712035342/http://registration.ft.com/registration/subscription-service/signuppsp?segid=70009">Register</a> <a class="ft-link subscriptionLink" href="https://web.archive.org/web/20150712035342/http://registration.ft.com/registration/subscription-service/bpsp?segid=70152">Subscribe</a> <a id="ftLogin-signIn" class="ft-link" href="https://web.archive.org/web/20150712035342/https://registration.ft.com/registration/barrier/login">Sign in</a> </div> <div class="ftLogin-loggedIn"> <span id="ftLogin-sub-link"> <a href="https://web.archive.org/web/20150712035342/http://registration.ft.com/registration/subscription-service/bpsp?segid=70152" class="subscriptionLink">Subscribe</a> </span> <a href="https://web.archive.org/web/20150712035342/http://registration.ft.com/registration/selfcare/" class="signedInButton"> You are signed in <i class="o-ft-icons-icon o-ft-icons-icon--arrow-down"></i> </a> </div> <div id="ftLogin-box" class="roundedCorners"> <form action="https://web.archive.org/web/20150712035342/https://registration.ft.com/registration/barrier/login" method="post" autocomplete="off"> <input type="hidden" name="location" value="http://www.ft.com/ftfm/pensions"/> <fieldset> <label for="ftLogin-username">Email address</label> <input id="ftLogin-username" name="username" class="text" type="text"/> </fieldset> <fieldset> <label for="ftLogin-password">Password</label> <input id="ftLogin-password" name="password" class="text" type="password"/> </fieldset> <span class="ftLogin-forgotPassword"> <a href="https://web.archive.org/web/20150712035342/https://registration.ft.com/registration/login/forgottenpassword?forgottenPasswordUsername=&location=">Forgot password?</a> </span> <fieldset> <p class="ftLogin-rememberMe"> <span> <input id="ftLogin-remember" name="rememberme" class="checkbox" type="checkbox" checked="checked"/> <label for="ftLogin-remember">Remember me on this computer</label> </span> <button type="submit" class="ft-button ft-button-large">Sign in</button> </p> <p class="ftLogin-cookiePolicy"> "Remember me" uses a cookie. View our <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cookiepolicy">Cookie Policy</a>. </p> </fieldset> </form> </div> </div> <script> FT.preInit.loginForm(); </script> <div id="searchbox" data-ftads-pos="newssubs" class="advertising"> <script> if( FT.ads.slots && FT._ads.utils.isFunction(FT.ads.slots.initSlot) ){ FT.ads.slots.initSlot("searchbox"); } </script> </div> </div> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "2"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "3", keyType: "el"});</script> <nav class="nav-ftcom"> <div id="nav-ftcom" data-track-comp-name="nav" data-nav-source="ft-intl"> <ol class="nav-items-l1"> <li class="nav-item-l1" data-track-pos="0"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/">Home</a> </li> <li class="nav-item-l1" data-track-pos="1" data-headlinesuuid="fefd8528-cd25-11de-a748-00144feabdc0"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/world">World</a> <div class="nav-flyout"></div> </li> <li class="nav-item-l1" data-track-pos="2" data-headlinesuuid="ee08dbdc-cd25-11de-a748-00144feabdc0"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/companies">Companies</a> <div class="nav-flyout"></div> </li> <li class="nav-item-l1 nav-selected" data-track-pos="3" data-headlinesuuid="011debcc-cd26-11de-a748-00144feabdc0"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/markets">Markets</a> <ol class="nav-items-l2"> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/fastft"> fastFT </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/alphaville"> Alphaville </a> </li> <li class="nav-has-l3 nav-selected"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm"> FTfm </a> <ol class="nav-items-l3"> <li class="title"><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm">FTfm<span class="arrow">›</span></a></li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/regulation"> Regulation </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/etfs"> ETFs </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/investment-strategy"> Investment Strategy </a> </li> <li class="nav-selected"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/pensions"> Pensions </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/people"> People </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/opinion"> Opinion </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://video.ft.com/ftfm"> Video </a> </li> </ol> </li> <li class="nav-has-l3"> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/research/markets/overview"> Markets Data </a> <ol class="nav-items-l3"> <li class="title"><a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/research/markets/overview">Markets Data<span class="arrow">›</span></a></li> <li> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/research/markets/companies-research"> Equities </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/research/Markets/Currencies"> Currencies </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/research/Markets/Commodities"> Commodities </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/research/Markets/Bonds"> Bonds & Rates </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://funds.ft.com/"> Funds </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://funds.ft.com/UK/ETFS"> ETFs </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/research/Markets/Equity-Indices"> World Indices </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/research/Markets/Sectors-and-industries"> Sectors & Industries </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://portfolio.ft.com/"> Portfolio </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/research/Markets/Director-dealings"> Director Dealings </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/screener/customScreen.asp"> Equity Screener </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://announce.ft.com/"> Company Announcement Service </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/research/markets/company-content"> Company Content Hub </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/research/Markets/Data-Archive"> Data Archive </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/research/Markets/Interactive-chart"> Interactive Charting </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/research/Economic-Calendar"> Economic Calendar </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://funds.ft.com/uk/Screener"> Funds & ETF Screener </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://funds.ft.com/uk/fund-comparison"> Fund Compare Tool </a> </li> </ol> </li> <li class="nav-has-l3"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/markets/trading-room"> Trading Room </a> <ol class="nav-items-l3"> <li class="title"><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/markets/trading-room">Trading Room<span class="arrow">›</span></a></li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ft-trading-room/clearing-settlement"> Clearing & Settlement </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ft-trading-room/developing-markets-asia"> Developing Markets & Asia </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ft-trading-room/high-frequency-trading"> High Frequency Trading </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ft-trading-room/markets-regulation"> Markets Regulation </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ft-trading-room/trading-technology"> Trading Technology </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ft-trading-room/quick-view"> Quick View </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ft-trading-room/carbon-markets"> Carbon Markets </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ft-trading-room/exchanges-consolidation"> Exchanges Consolidation </a> </li> </ol> </li> <li class="nav-has-l3"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/markets/equities"> Equities </a> <ol class="nav-items-l3"> <li class="title"><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/markets/equities">Equities<span class="arrow">›</span></a></li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/markets/us"> US </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/markets/uk"> UK </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/markets/europe"> Europe </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/markets/asiapacific"> Asia-Pacific </a> </li> </ol> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/markets/currencies"> Currencies </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/markets/capitalmarkets"> Capital Mkts </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/markets/commodities"> Commodities </a> </li> <li class="nav-has-l3"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/markets/emerging-markets"> Emerging Markets </a> <ol class="nav-items-l3"> <li class="title"><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/markets/emerging-markets">Emerging Markets<span class="arrow">›</span></a></li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/emerging-markets/em-squared"> EM Squared </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://blogs.ft.com/beyond-brics/"> beyondbrics </a> </li> </ol> </li> <li class="nav-rss"><img src="https://web.archive.org/web/20150712035342im_/http://navigation.webservices.ft.com/v1/navigation/ft/img/rss-icon.gif" width="14" height="14" alt="RSS"/></li> <li class="nav-tools nav-has-l3"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/servicestools">Tools</a> <ol class="nav-items-l3"> <li class="title"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/servicestools"> Tools <span class="arrow">›</span> </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://aboutus.ft.com/">About Us</a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/topics">Topics</a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://portfolio.ft.com/">Portfolio</a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://clippings.ft.com/">FT clippings</a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/alerts/keyword.asp">Alerts hub</a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://nbe.ft.com/nbe/profile.cfm">Email briefings</a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://rankings.ft.com/businessschoolrankings/global-mba-rankings">MBA rankings</a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://lexicon.ft.com/">FT Lexicon</a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/mobile">Mobile</a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/ft/markets/currencies.asp">Currency converter</a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/FTePaper">ePaper</a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://jobs.ft.com/regionselector.ashx">Executive jobs</a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://presscuttings.ft.com/presscuttings/search.htm">FT press cuttings</a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://aboutus.ft.com/social-media/">Social Media hub</a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/research/EcoCalendar">Economic calendar</a> </li> </ol> </li> </ol> </li> <li class="nav-item-l1" data-track-pos="4" data-headlinesuuid="efdac59c-cd25-11de-a748-00144feabdc0"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/global-economy">Global Economy</a> <div class="nav-flyout"></div> </li> <li class="nav-item-l1" data-track-pos="5" data-headlinesuuid="fa35a412-cd25-11de-a748-00144feabdc0"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/lex">Lex</a> <div class="nav-flyout"></div> </li> <li class="nav-item-l1" data-track-pos="6" data-headlinesuuid="ec66fcc8-cd25-11de-a748-00144feabdc0"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/comment">Comment</a> <div class="nav-flyout"></div> </li> <li class="nav-item-l1" data-track-pos="7" data-headlinesuuid="fcdae4e8-cd25-11de-a748-00144feabdc0"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/management">Management</a> <div class="nav-flyout"></div> </li> <li class="nav-item-l1" data-track-pos="8" data-headlinesuuid="cec106aa-cd25-11de-a748-00144feabdc0"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/life-arts">Life & Arts</a> <div class="nav-flyout"></div> </li> </ol> </div></nav> <script>FT.$doc.trigger("pgObjStop", {key: "3"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "4", keyType: "el"});</script> <div id="highlights" data-comp-name="highlights" data-comp-view="highlights" data-comp-index="2" data-timer-key="4"> <h2>Highlights</h2> <ul> <li data-pos="0" class="first"> <a href="https://web.archive.org/web/20150712035342/http://www.linkedin.com/groups?gid=4117540&trk=hb_side_g"> LinkedIn </a> </li> <li data-pos="1"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/etfs"> ETFs </a> </li> <li data-pos="2"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/current-issue"> This week’s paper </a> </li> <li data-pos="3"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/dbf7f11e-2632-11e5-bd83-71cb60e8f08c.html"> Face to face: David Neal, managing director of the Future Fund </a> </li> <li data-pos="4"> <a href="https://web.archive.org/web/20150712035342/http://nbe.ft.com/nbe/profile.cfm"> e-mail briefings </a> </li> <li data-pos="5"> <a href="https://web.archive.org/web/20150712035342/http://funds.ft.com/uk/"> Funds data </a> </li> </ul> </div> <script>FT.$doc.trigger("pgObjStop", {key: "4"});</script> <script>FT.$doc.trigger("pgObjStop", {key: "1"});</script> </div> <div class="master-column middleSection " data-zone="middleSection" data-timer-key="5"> <div class="master-row contentSection " data-zone="contentSection" data-timer-key="6"> <div class="master-row editorialSection" data-zone="editorialSection" data-timer-key="7"> <script>FT.$doc.trigger("pgObjStart", {key: "7", keyType: "el"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "8", keyType: "el"});</script> <div class="topten " data-comp-name="top10" data-comp-view="top10_1and9" data-comp-index="0" data-timer-key="8"> <div class="article first image package ft-spc-btm-full clearfix" data-pos="0"> <div class="article-metadata"> <span class="ft-timestamp">2:09am</span> </div> <h3 class="ft-title ft-title-large ft-spc-btm-qtr"><div class="ftbf-syndicationIndicator" data-uuid="afdb6442-2701-11e5-bd83-71cb60e8f08c"><a href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=afdb6442-2701-11e5-bd83-71cb60e8f08c&title=Closure%20looms%20for%20hundreds%20of%20defined%20benefit%20pension%20schemes&action=article" target="_blank">Download</a></div><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/afdb6442-2701-11e5-bd83-71cb60e8f08c.html" class="ft-link-stealth">250 defined benefit pensions face closure</a></h3> <div class="ft-image ft-image-secondary ft-spc-btm-qtr"><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/afdb6442-2701-11e5-bd83-71cb60e8f08c.html"><img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/1ce5101e-a0d5-4598-83fd-bc6a6c2ce044.img" alt="Chancellor, George Osborne, leaves Downing street to deliver the budget today."/></a> <div class="ft-overlay ft-overlay-bottomright-credit ft-overlay-bg20"> <span class="ft-overlay-credit">©Charlie Bibby/FT</span> </div> </div> <h4 class="ft-lead ft-lead-large ft-spc-btm-qtr">UK government changes to tax regime will raise costs by 20%-40%</h4> <ul class="ft-list ft-list-bulletted storyPackage ft-list-wrapping " data-track-region="storyPackage"> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="a3c24a7a-2659-11e5-bd83-71cb60e8f08c"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=a3c24a7a-2659-11e5-bd83-71cb60e8f08c&title=Greek%20crisis%20prompts%20rare%20pension%20problem&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/a3c24a7a-2659-11e5-bd83-71cb60e8f08c.html" class="ft-link ">Greek crisis prompts rare pension problem</a> </li> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="24909134-2169-11e5-ab0f-6bb9974f25d0"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=24909134-2169-11e5-ab0f-6bb9974f25d0&title=Warning%20on%20%E2%80%98excessive%20search%20for%20yield%E2%80%99&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/24909134-2169-11e5-ab0f-6bb9974f25d0.html" class="ft-link ">Warning on ‘excessive search for yield’</a> </li> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="759226d0-1b31-11e5-a130-2e7db721f996"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=759226d0-1b31-11e5-a130-2e7db721f996&title=Look%20beyond%20hopeless%20African%20stereotype&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/759226d0-1b31-11e5-a130-2e7db721f996.html" class="ft-link ">Look beyond hopeless African stereotype</a> </li> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="7d410108-1c0d-11e5-a130-2e7db721f996"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=7d410108-1c0d-11e5-a130-2e7db721f996&title=Pension%20funds%E2%80%99%20LDI%20love%20affair%20continues&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/7d410108-1c0d-11e5-a130-2e7db721f996.html" class="ft-link ">Pension funds’ LDI love affair continues</a> </li> </ul> </div> <script>FT.$doc.trigger("pgObjStart", {key: "9", keyType: "el"});</script> <div class="pocket" data-comp-name="pocket" data-comp-view="pocket" data-comp-index="0_0" data-timer-key="9"> <h3> <span data-pos="0"> Editor’s choice </span> </h3> <div class="pocketStory clearfix" data-pos="1"> <div class="title"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/205969ce-1fe8-11e5-aa5a-398b2169cf79.html"> Alternative returns diluted as popularity of funds soars </a> </div> <span class="story-image"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/205969ce-1fe8-11e5-aa5a-398b2169cf79.html"> <img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/3f6a2b34-d417-4e62-8931-7ec96a512d03.img" alt="LOS ANGELES, UNITED STATES: The Danish-built megaship Susan Maersk moves into port 19 June, 1999, in Long Beach, CA. The ship, more than three and a half football fields long, and wider than the Panama Canal, has the capacity to hold 6,600 twenty foot shipping containers, making it the largest freighter of its kind ever to call a U.S. port. It's fully automated bridge towers some twelve stories above the water line and it is manned by a crew of fifteen. AFP PHOTO/SCOTT NELSON (Photo credit should read Scott Nelson/AFP/Getty Images)"/> </a> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/servicestools/terms/afp" class="credit">©AFP</a> </span> <div class="stand-first"> The term ‘alternative’ will soon become redundant </div> </div> <div class="pocketStory clearfix" data-pos="2"> <div class="title"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/95dbe84c-255c-11e5-bd83-71cb60e8f08c.html"> ETFs used to prop up Chinese stock market </a> </div> <span class="story-image"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/95dbe84c-255c-11e5-bd83-71cb60e8f08c.html"> <img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/18da8abb-a0ce-45b0-a7a2-c9d23bf911c7.img" alt="The HK Exchange flag flies in front of the Chinese flag outside the Stock Exchange in Hong Kong on May 23, 2011. Stocks closed down sharply to end the afternoon session down 488 points at 22 711. AFP PHOTO/MIKE CLARKE (Photo credit should read MIKE CLARKE/AFP/Getty Images)"/> </a> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/servicestools/terms/afp" class="credit">©AFP</a> </span> <div class="stand-first"> Equity exchange traded funds had a record weekly inflow of $13.5bn </div> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "9"});</script> <div class="article secondary image package ft-spc-btm-full clearfix withPocket" data-pos="1"> <div class="ft-image ft-image-secondary ft-spc-btm-qtr"><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/a3c24a7a-2659-11e5-bd83-71cb60e8f08c.html"><img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/09813556-3dce-4438-8636-bcd8f56ee677.img" alt="TOPSHOTS Pensioners queue outside a national Bank branch, as banks only opened for the retired to allow them to cash up to 120 euros in Athens on July 1, 2015. The European Union will decide whether to grant Greece a last-minute bailout package to avoid pushing it further towards an exit from the eurozone. Greece failed on the eve to make a 1.5 billion euro ($1.7 billion) payment to the International Monetary Fund, becoming the first industrialised country to do so. AFP PHOTO / LOUISA GOULIAMAKILOUISA GOULIAMAKI/AFP/Getty Images"/></a> <div class="ft-overlay ft-overlay-bottomright-credit ft-overlay-bg20"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/servicestools/terms/afp" class="ft-overlay-credit">©AFP</a> </div> </div> <div class="article-metadata"> <span class="ft-timestamp">2:09am</span> </div> <h3 class="ft-title ft-title-medium ft-spc-btm-qtr"><div class="ftbf-syndicationIndicator" data-uuid="a3c24a7a-2659-11e5-bd83-71cb60e8f08c"><a href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=a3c24a7a-2659-11e5-bd83-71cb60e8f08c&title=Greek%20crisis%20prompts%20unusual%20pension%20problem&action=article" target="_blank">Download</a></div><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/a3c24a7a-2659-11e5-bd83-71cb60e8f08c.html" class="ft-link-stealth">Greek crisis prompts rare pension problem</a></h3> <h4 class="ft-lead ft-lead-medium ft-spc-btm-qtr">European schemes struggle to pay members based in Greece</h4> <ul class="ft-list ft-list-bulletted storyPackage ft-list-wrapping " data-track-region="storyPackage"> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="afdb6442-2701-11e5-bd83-71cb60e8f08c"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=afdb6442-2701-11e5-bd83-71cb60e8f08c&title=250%20defined%20benefit%20pensions%20face%20closure&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/afdb6442-2701-11e5-bd83-71cb60e8f08c.html" class="ft-link ">250 defined benefit pensions face closure</a> </li> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="24909134-2169-11e5-ab0f-6bb9974f25d0"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=24909134-2169-11e5-ab0f-6bb9974f25d0&title=Warning%20on%20%E2%80%98excessive%20search%20for%20yield%E2%80%99&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/24909134-2169-11e5-ab0f-6bb9974f25d0.html" class="ft-link ">Warning on ‘excessive search for yield’</a> </li> </ul> </div> <div class="article secondary package ft-spc-btm-full clearfix withPocket" data-pos="2"> <div class="article-metadata"> <span class="ft-timestamp">2:13am</span> <span class="ft-heading ft-heading-medium "> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/reports" class="ft-link ">FTFM REPORTS</a> </span> </div> <h3 class="ft-title ft-title-medium ft-spc-btm-qtr"><div class="ftbf-syndicationIndicator" data-uuid="cee7159e-209d-11e5-ab0f-6bb9974f25d0"><a href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=cee7159e-209d-11e5-ab0f-6bb9974f25d0&title=Private%20equity%20attracts%20huge%20institutional%20interest&action=article" target="_blank">Download</a></div><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/cee7159e-209d-11e5-ab0f-6bb9974f25d0.html" class="ft-link-stealth">Private equity attracts huge interest</a></h3> <h4 class="ft-lead ft-lead-medium ft-spc-btm-qtr">Institutional investors looking for better returns</h4> <ul class="ft-list ft-list-bulletted storyPackage ft-list-wrapping " data-track-region="storyPackage"> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="683210d2-23d2-11e5-9c4e-a775d2b173ca"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=683210d2-23d2-11e5-9c4e-a775d2b173ca&title=Appetite%20for%20hedge%20funds%20remains%20strong&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/683210d2-23d2-11e5-9c4e-a775d2b173ca.html" class="ft-link ">Appetite for hedge funds remains strong</a> </li> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="205969ce-1fe8-11e5-aa5a-398b2169cf79"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=205969ce-1fe8-11e5-aa5a-398b2169cf79&title=Returns%20diluted%20as%20fund%20popularity%20soars&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/205969ce-1fe8-11e5-aa5a-398b2169cf79.html" class="ft-link ">Returns diluted as fund popularity soars</a> </li> </ul> </div> <div class="article secondary package ft-spc-btm-full clearfix withPocket" data-pos="3"> <div class="article-metadata"> <span class="ft-timestamp">2:13am</span> <span class="ft-heading ft-heading-medium "> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/reports" class="ft-link ">FTFM REPORTS</a> </span> </div> <h3 class="ft-title ft-title-medium ft-spc-btm-qtr"><div class="ftbf-syndicationIndicator" data-uuid="8d986318-209d-11e5-ab0f-6bb9974f25d0"><a href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=8d986318-209d-11e5-ab0f-6bb9974f25d0&title=Property%20comprises%20one-third%20of%20alternative%20assets&action=article" target="_blank">Download</a></div><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/8d986318-209d-11e5-ab0f-6bb9974f25d0.html" class="ft-link-stealth">Property is one-third of alternatives</a></h3> <h4 class="ft-lead ft-lead-medium ft-spc-btm-qtr">Transaction volumes are at multiyear highs and debt costs are low</h4> <ul class="ft-list ft-list-bulletted storyPackage ft-list-wrapping " data-track-region="storyPackage"> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="683210d2-23d2-11e5-9c4e-a775d2b173ca"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=683210d2-23d2-11e5-9c4e-a775d2b173ca&title=Appetite%20for%20hedge%20funds%20remains%20strong&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/683210d2-23d2-11e5-9c4e-a775d2b173ca.html" class="ft-link ">Appetite for hedge funds remains strong</a> </li> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="205969ce-1fe8-11e5-aa5a-398b2169cf79"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=205969ce-1fe8-11e5-aa5a-398b2169cf79&title=Returns%20diluted%20as%20fund%20popularity%20soars&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/205969ce-1fe8-11e5-aa5a-398b2169cf79.html" class="ft-link ">Returns diluted as fund popularity soars</a> </li> </ul> </div> <div class="article secondary image package ft-spc-btm-full clearfix withPocket" data-pos="4"> <div class="ft-image ft-image-secondary ft-spc-btm-qtr"><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/683210d2-23d2-11e5-9c4e-a775d2b173ca.html"><img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/ab543130-ee6e-46ba-a1cd-d47c5fa3f7b4.img" alt="Los Angeles County fire fighters mop up hot spots as they fight the Station Fire August 30, 2009 in Acton, California"/></a> <div class="ft-overlay ft-overlay-bottomright-credit ft-overlay-bg20"> <span class="ft-overlay-credit">©Justin Sullivan/Getty Images</span> </div> </div> <div class="article-metadata"> <span class="ft-timestamp">2:13am</span> <span class="ft-heading ft-heading-medium "> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/reports" class="ft-link ">FTFM REPORTS</a> </span> </div> <h3 class="ft-title ft-title-medium ft-spc-btm-qtr"><div class="ftbf-syndicationIndicator" data-uuid="683210d2-23d2-11e5-9c4e-a775d2b173ca"><a href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=683210d2-23d2-11e5-9c4e-a775d2b173ca&title=Appetite%20for%20hedge%20funds%20remains%20strong&action=article" target="_blank">Download</a></div><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/683210d2-23d2-11e5-9c4e-a775d2b173ca.html" class="ft-link-stealth">Appetite for hedge funds remains strong</a></h3> <h4 class="ft-lead ft-lead-medium ft-spc-btm-qtr">Pension schemes’ allocation increased 4% year on year</h4> <ul class="ft-list ft-list-bulletted storyPackage ft-list-wrapping " data-track-region="storyPackage"> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="205969ce-1fe8-11e5-aa5a-398b2169cf79"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=205969ce-1fe8-11e5-aa5a-398b2169cf79&title=Returns%20diluted%20as%20fund%20popularity%20soars&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/205969ce-1fe8-11e5-aa5a-398b2169cf79.html" class="ft-link ">Returns diluted as fund popularity soars</a> </li> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="cee7159e-209d-11e5-ab0f-6bb9974f25d0"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=cee7159e-209d-11e5-ab0f-6bb9974f25d0&title=Private%20equity%20attracts%20huge%20interest&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/cee7159e-209d-11e5-ab0f-6bb9974f25d0.html" class="ft-link ">Private equity attracts huge interest</a> </li> </ul> </div> <div class="article secondary image package ft-spc-btm-full clearfix withPocket" data-pos="5"> <div class="ft-image ft-image-secondary ft-spc-btm-qtr"><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/205969ce-1fe8-11e5-aa5a-398b2169cf79.html"><img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/3f6a2b34-d417-4e62-8931-7ec96a512d03.img" alt="LOS ANGELES, UNITED STATES: The Danish-built megaship Susan Maersk moves into port 19 June, 1999, in Long Beach, CA. The ship, more than three and a half football fields long, and wider than the Panama Canal, has the capacity to hold 6,600 twenty foot shipping containers, making it the largest freighter of its kind ever to call a U.S. port. It's fully automated bridge towers some twelve stories above the water line and it is manned by a crew of fifteen. AFP PHOTO/SCOTT NELSON (Photo credit should read Scott Nelson/AFP/Getty Images)"/></a> <div class="ft-overlay ft-overlay-bottomright-credit ft-overlay-bg20"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/servicestools/terms/afp" class="ft-overlay-credit">©AFP</a> </div> </div> <div class="article-metadata"> <span class="ft-timestamp">2:13am</span> <span class="ft-heading ft-heading-medium "> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/reports" class="ft-link ">FTFM REPORTS</a> </span> </div> <h3 class="ft-title ft-title-medium ft-spc-btm-qtr"><div class="ftbf-syndicationIndicator" data-uuid="205969ce-1fe8-11e5-aa5a-398b2169cf79"><a href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=205969ce-1fe8-11e5-aa5a-398b2169cf79&title=Alternative%20returns%20diluted%20as%20popularity%20of%20funds%20soars&action=article" target="_blank">Download</a></div><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/205969ce-1fe8-11e5-aa5a-398b2169cf79.html" class="ft-link-stealth">Returns diluted as fund popularity soars</a></h3> <h4 class="ft-lead ft-lead-medium ft-spc-btm-qtr">The term ‘alternative’ will soon become redundant</h4> <ul class="ft-list ft-list-bulletted storyPackage ft-list-wrapping " data-track-region="storyPackage"> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="683210d2-23d2-11e5-9c4e-a775d2b173ca"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=683210d2-23d2-11e5-9c4e-a775d2b173ca&title=Appetite%20for%20hedge%20funds%20remains%20strong&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/683210d2-23d2-11e5-9c4e-a775d2b173ca.html" class="ft-link ">Appetite for hedge funds remains strong</a> </li> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="cee7159e-209d-11e5-ab0f-6bb9974f25d0"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=cee7159e-209d-11e5-ab0f-6bb9974f25d0&title=Private%20equity%20attracts%20huge%20interest&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/cee7159e-209d-11e5-ab0f-6bb9974f25d0.html" class="ft-link ">Private equity attracts huge interest</a> </li> </ul> </div> <div class="article secondary package ft-spc-btm-full clearfix withPocket" data-pos="6"> <div class="article-metadata"> <span class="ft-timestamp">2:09am</span> <span class="ft-heading ft-heading-medium "> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/regulation" class="ft-link ">REGULATION & GOVERNANCE</a> </span> </div> <h3 class="ft-title ft-title-medium ft-spc-btm-qtr"><div class="ftbf-syndicationIndicator" data-uuid="c1eb1492-271b-11e5-bd83-71cb60e8f08c"><a href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=c1eb1492-271b-11e5-bd83-71cb60e8f08c&title=IMF%20warns%20pension%20funds%20could%20pose%20systemic%20risks%20to%20the%20US&action=article" target="_blank">Download</a></div><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/c1eb1492-271b-11e5-bd83-71cb60e8f08c.html" class="ft-link-stealth">IMF warns on pension funds’ systemic risk</a></h3> <h4 class="ft-lead ft-lead-medium ft-spc-btm-qtr">Large US schemes may fall under ‘too big to fail’ legislation</h4> <ul class="ft-list ft-list-bulletted storyPackage ft-list-wrapping " data-track-region="storyPackage"> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="a7374ae8-0b92-11e5-8937-00144feabdc0"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=a7374ae8-0b92-11e5-8937-00144feabdc0&title=BlackRock%20takes%20another%20swipe%20at%20Pimco&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/a7374ae8-0b92-11e5-8937-00144feabdc0.html" class="ft-link ">BlackRock takes another swipe at Pimco</a> </li> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="a62ac16e-c8c3-11e4-8617-00144feab7de"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=a62ac16e-c8c3-11e4-8617-00144feab7de&title=Sifi%20rules%20set%20to%20net%20more%20asset%20managers&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/a62ac16e-c8c3-11e4-8617-00144feab7de.html" class="ft-link ">Sifi rules set to net more asset managers</a> </li> </ul> </div> <script>FT.$doc.trigger("pgObjStart", {key: "10", keyType: "el"});</script> <div class="midriff midriffDouble clearfix" data-comp-name="midriff" data-comp-view="midriff_double" data-comp-index="0_1" data-timer-key="10"> <div class="column list"> <div class="midriff-heading"> <h3 data-pos="0"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/etfs"> ETFs </a> </h3> </div> <ul> <li data-pos="2"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/eb217004-f611-11e3-83d3-00144feabdc0.html"> ABN Amro retreating from ETFs after four months </a> </li> <li data-pos="3"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/ce6a3334-ea71-11e3-80fb-00144feabdc0.html"> Active management branded costly and futile </a> </li> <li data-pos="4"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/e4b25232-f54a-11e3-91a8-00144feabdc0.html"> Vanguard launches three more ETFs in HK </a> </li> <li data-pos="5"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/db3a2a2e-f499-11e3-a143-00144feabdc0.html"> French regulator stands by pyramid scheme warning </a> </li> <li data-pos="6"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/808189b8-f0a9-11e3-8f3d-00144feabdc0.html"> Is ‘smart beta’ smart enough to last? </a> </li> </ul> </div> <div class="column media"> <div class="midriff-heading"> <h3 data-pos="1"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/am-intentions-asia"> Asset Manager Intentions: Asia </a> </h3> </div> <div class="clearfix" data-pos="12"> <span class="story-image"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/am-intentions-asia"> <img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/03555fbc-8459-4630-85f6-026133a4b119.img" alt="the website for Yu’e Bao"/> </a> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/servicestools/terms/bloomberg" class="credit">©Bloomberg</a> </span> <h4> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/am-intentions-asia"> Tax and currency issues are stumbling blocks to the creation of an Asia-wide fund passport </a> </h4> </div> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "10"});</script> <div class="article secondary image package ft-spc-btm-full clearfix" data-pos="7"> <div class="ft-image ft-image-secondary ft-spc-btm-qtr"><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/f93b0d6a-23e9-11e5-bd83-71cb60e8f08c.html"><img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/2a225bb0-8533-4df7-92e5-31b7d26782da.img" alt="California Public EmployeesÍ Retirement System (CalPERS) offices, in Sacramento, California, U.S., on Monday, September 13, 2010. Photographer: Ken James/Bloomberg"/></a> <div class="ft-overlay ft-overlay-bottomright-credit ft-overlay-bg20"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/servicestools/terms/bloomberg" class="ft-overlay-credit">©Bloomberg</a> </div> </div> <div class="article-metadata"> <span class="ft-timestamp">2:09am</span> <span class="ft-heading ft-heading-medium "> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/regulation" class="ft-link ">REGULATION & GOVERNANCE</a> </span> </div> <h3 class="ft-title ft-title-medium ft-spc-btm-qtr"><div class="ftbf-syndicationIndicator" data-uuid="f93b0d6a-23e9-11e5-bd83-71cb60e8f08c"><a href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=f93b0d6a-23e9-11e5-bd83-71cb60e8f08c&title=Calpers%E2%80%99%20private%20equity%20problems%20pile%20up&action=article" target="_blank">Download</a></div><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/f93b0d6a-23e9-11e5-bd83-71cb60e8f08c.html" class="ft-link-stealth">Calpers’ private equity problems pile up</a></h3> <h4 class="ft-lead ft-lead-medium ft-spc-btm-qtr">Pension scheme unaware how much paid in ‘carried interest’</h4> <ul class="ft-list ft-list-bulletted storyPackage ft-list-wrapping " data-track-region="storyPackage"> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="405f2b32-2722-11e5-bd83-71cb60e8f08c"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=405f2b32-2722-11e5-bd83-71cb60e8f08c&title=board%20term%20limits%20are%20misguided&action=article">Download</a></div> <span class="ft-link-kicker">MSCI</span> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/405f2b32-2722-11e5-bd83-71cb60e8f08c.html" class="ft-link ">board term limits are misguided</a> </li> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="4690475e-2649-11e5-bd83-71cb60e8f08c"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=4690475e-2649-11e5-bd83-71cb60e8f08c&title=Asset%20management%20puts%20on%20the%20poor%20mouth&action=article">Download</a></div> <span class="ft-link-kicker">Comment</span> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/4690475e-2649-11e5-bd83-71cb60e8f08c.html" class="ft-link ">Asset management puts on the poor mouth</a> </li> </ul> </div> <div class="article secondary image package comment ft-spc-btm-full clearfix" data-pos="8"> <div class="ft-image ft-image-secondary ft-spc-btm-qtr"><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/4690475e-2649-11e5-bd83-71cb60e8f08c.html"><img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/e41db009-3a1b-4ab3-8bf5-43fdfec17b6b.img" alt=""/></a></div> <div class="article-metadata"> <span class="ft-timestamp">2:09am</span> <span class="ft-heading ft-heading-medium "> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/opinion" class="ft-link ">FTFM OPINION</a> </span> </div> <h3 class="ft-title ft-title-medium ft-spc-btm-qtr"><div class="ftbf-syndicationIndicator" data-uuid="4690475e-2649-11e5-bd83-71cb60e8f08c"><a href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=4690475e-2649-11e5-bd83-71cb60e8f08c&title=Asset%20managers%20are%20putting%20on%20the%20poor%20mouth&action=article" target="_blank">Download</a></div><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/4690475e-2649-11e5-bd83-71cb60e8f08c.html" class="ft-link-stealth">Asset management puts on the poor mouth</a></h3> <h4 class="ft-lead ft-lead-medium ft-spc-btm-qtr">Sophia Grene feels little pity for an industry making money out of a lack of transparency</h4> <ul class="ft-list ft-list-bulletted storyPackage ft-list-wrapping " data-track-region="storyPackage"> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="405f2b32-2722-11e5-bd83-71cb60e8f08c"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=405f2b32-2722-11e5-bd83-71cb60e8f08c&title=board%20term%20limits%20are%20misguided&action=article">Download</a></div> <span class="ft-link-kicker">MSCI</span> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/405f2b32-2722-11e5-bd83-71cb60e8f08c.html" class="ft-link ">board term limits are misguided</a> </li> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="f93b0d6a-23e9-11e5-bd83-71cb60e8f08c"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=f93b0d6a-23e9-11e5-bd83-71cb60e8f08c&title=Calpers%E2%80%99%20private%20equity%20problems%20pile%20up&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/f93b0d6a-23e9-11e5-bd83-71cb60e8f08c.html" class="ft-link ">Calpers’ private equity problems pile up</a> </li> </ul> </div> <div class="article secondary package ft-spc-btm-full clearfix" data-pos="9"> <div class="article-metadata"> <span class="ft-timestamp">2:09am</span> <span class="ft-heading ft-heading-medium "> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/facetoface" class="ft-link ">Face to Face</a> </span> <span class="from-label">from</span> <span class="ft-heading ft-heading-medium "> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/people" class="ft-link ">PEOPLE IN FUND MANAGEMENT</a> </span> </div> <h3 class="ft-title ft-title-medium ft-spc-btm-qtr"><div class="ftbf-syndicationIndicator" data-uuid="dbf7f11e-2632-11e5-bd83-71cb60e8f08c"><a href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=dbf7f11e-2632-11e5-bd83-71cb60e8f08c&title=Low%20tax%20and%20high%20fees%20consume%20Future%20Fund&action=article" target="_blank">Download</a></div><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/dbf7f11e-2632-11e5-bd83-71cb60e8f08c.html" class="ft-link-stealth">Low tax and high fees consume Future Fund</a></h3> <h4 class="ft-lead ft-lead-medium ft-spc-btm-qtr">Australia’s SWF denies tax dodge and laments private equity costs</h4> <ul class="ft-list ft-list-bulletted storyPackage ft-list-wrapping " data-track-region="storyPackage"> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="a925ea38-1b39-11e5-8201-cbdb03d71480"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=a925ea38-1b39-11e5-8201-cbdb03d71480&title=Sweden%20attacks%20Norway%E2%80%99s%20oil%20fund&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/a925ea38-1b39-11e5-8201-cbdb03d71480.html" class="ft-link ">Sweden attacks Norway’s oil fund</a> </li> <li class="ft-list-item"><div class="ftbf-syndicationIndicator" data-uuid="26078b10-15c7-11e5-8e6a-00144feabdc0"><a target="_blank" href="https://web.archive.org/web/20150712035342/http://ftsyndication.com/redirect.php?uuid=26078b10-15c7-11e5-8e6a-00144feabdc0&title=Guardians%20lead%20New%20Zealand%20to%20the%20top&action=article">Download</a></div> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/26078b10-15c7-11e5-8e6a-00144feabdc0.html" class="ft-link ">Guardians lead New Zealand to the top</a> </li> </ul> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "8"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "11", keyType: "el"});</script> <div class="triplet clearfix" data-comp-name="triplet" data-comp-view="triplet" data-comp-index="1" data-timer-key="11"> <span class="heading" data-pos="0"> Columnists </span> <div class="firstStory" data-pos="1"> <h4> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/intl/ftfm/opinion" class="label"><span>Comment</span></a> </h4> <span class="story-image"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/intl/cms/s/0/4690475e-2649-11e5-bd83-71cb60e8f08c.html"> <img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/d4b29646-8378-11df-8451-00144feabdc0.img" alt="Sophia Grene"/> </a> <span class="credit manualSource"></span> </span> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/intl/cms/s/0/4690475e-2649-11e5-bd83-71cb60e8f08c.html"> <span class="content"> Sophia Grene thinks asset management is putting on the poor mouth</span> </a> </div> <div data-pos="2"> <h4> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/the-last-word" class="label"><span>View from the US</span></a> </h4> <span class="story-image"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/intl/cms/s/0/c5da21d8-26ee-11e5-bd83-71cb60e8f08c.html"> <img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/9fc51f54-a087-11df-a669-00144feabdc0.img" alt="John Dizard"/> </a> <span class="credit manualSource"></span> </span> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/intl/cms/s/0/c5da21d8-26ee-11e5-bd83-71cb60e8f08c.html"> <span class="content"> There is a Greek chapter in the rotten heart of Europe, says John Dizard</span> </a> </div> <div data-pos="3"> <h4> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/intl/cms/s/0/c7603640-9266-11e4-a1fd-00144feabdc0.html" class="label"><span>THE LAST WORD</span></a> </h4> <span class="story-image"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/intl/cms/s/0/62b8ee94-24c4-11e5-bd83-71cb60e8f08c.html"> <img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/e9b85ca0-f70b-11e3-9e9d-00144feabdc0.img" alt=""/> </a> <span class="credit manualSource"></span> </span> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/intl/cms/s/0/62b8ee94-24c4-11e5-bd83-71cb60e8f08c.html"> <span class="content"> John Plender takes a look at the tricky business of currency hedging </span> </a> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "11"});</script> <script>FT.$doc.trigger("pgObjStop", {key: "7"});</script> </div> <div class="master-row marketingSection" data-zone="marketingSection" data-timer-key="12"> <script>FT.$doc.trigger("pgObjStart", {key: "12", keyType: "el"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "13", keyType: "el"});</script> <div class="feedBoxes clearfix" data-comp-name="feedboxes" data-comp-view="feedboxes" data-comp-index="0" data-timer-key="13"> <h3 data-pos="0"> More stories </h3> <div class="feedBoxRow doubleColumn"> <div class="feedBox"> <h4 data-pos="1"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/investment-strategy"> Investment strategy </a> </h4> <ul data-pos="2"> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/76d741ca-258a-11e5-9c4e-a775d2b173ca.html"> Bonds are heading into uncharted waters </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/70462ce4-2649-11e5-9c4e-a775d2b173ca.html"> The week: July 13 </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/0de8d5d0-2624-11e5-bd83-71cb60e8f08c.html"> Gender diversity: a hidden problem </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/3fca1bb0-1344-11e5-ad26-00144feabdc0.html"> Blue-chip reputation remains despite increased competition </a> </li> </ul> </div> <div class="feedBox"> <h4 data-pos="3"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/regulation"> Regulation & governance </a> </h4> <ul data-pos="4"> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/405f2b32-2722-11e5-bd83-71cb60e8f08c.html"> MSCI: board term limits are misguided </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/0de8d5d0-2624-11e5-bd83-71cb60e8f08c.html"> Gender diversity: a hidden problem </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/c5da21d8-26ee-11e5-bd83-71cb60e8f08c.html"> Rotten heart of Europe adds Greek chapter </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/73b9d552-2585-11e5-9c4e-a775d2b173ca.html"> Summer Budget: Private equity ‘carried interest’ blow </a> </li> </ul> </div> </div> <div class="feedBoxRow doubleColumn"> <div class="feedBox"> <h4 data-pos="7"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/people"> People </a> </h4> <ul data-pos="8"> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/5a9f9524-2649-11e5-9c4e-a775d2b173ca.html"> Movers & shakers: July 13 </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/0de8d5d0-2624-11e5-bd83-71cb60e8f08c.html"> Gender diversity: a hidden problem </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/343db4da-20a7-11e5-ab0f-6bb9974f25d0.html"> Movers & shakers: July 6 </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/76371d8a-1c1b-11e5-a130-2e7db721f996.html"> Bradford dog track to Hong Kong pensions </a> </li> </ul> </div> <div class="feedBox"> <h4 data-pos="9"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/indepth/hedgefunds"> Hedge Funds </a> </h4> <ul data-pos="10"> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/5d218e28-255f-11e5-9c4e-a775d2b173ca.html"> Crystal Amber ups the pressure on Grainger </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/0c1d6ce6-0600-11e5-868c-00144feabdc0.html"> Deutsche Bank in Argentine bonds wrangle </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/ea0438e0-2186-11e5-aa5a-398b2169cf79.html"> Hedge fund worker jailed for copying code </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/f915bcb8-1fac-11e5-aa5a-398b2169cf79.html"> Court denies Elliott’s Samsung challenge </a> </li> </ul> </div> </div> <div class="feedBoxRow doubleColumn"> <div class="feedBox"> <h4 data-pos="11"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/indepth/privateequity"> Private equity </a> </h4> <ul data-pos="12"> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/70462ce4-2649-11e5-9c4e-a775d2b173ca.html"> The week: July 13 </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/2db35d8a-26f7-11e5-9c4e-a775d2b173ca.html"> Ben Goldsmith to float new energy trust </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/6e304086-26ec-11e5-9c4e-a775d2b173ca.html"> IHG agrees $938m Hong Kong hotel sale </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/3/d174762e-264e-11e5-9c4e-a775d2b173ca.html"> PE in Africa — much money, few prospects </a> </li> </ul> </div> <div class="feedBox"> <h4 data-pos="13"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/indepth/sovereignfunds"> Sovereign funds </a> </h4> <ul data-pos="14"> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/0c1d6ce6-0600-11e5-868c-00144feabdc0.html"> Deutsche Bank in Argentine bonds wrangle </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/ea0438e0-2186-11e5-aa5a-398b2169cf79.html"> Hedge fund worker jailed for copying code </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/f915bcb8-1fac-11e5-aa5a-398b2169cf79.html"> Court denies Elliott’s Samsung challenge </a> </li> <li> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/22bc844c-1d74-11e5-aa5a-398b2169cf79.html"> Fund managers fight against ‘unbundling’ </a> </li> </ul> </div> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "13"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "14", keyType: "el"});</script> <div class="triplet marketing clearfix" data-comp-name="marketingtriplet" data-comp-view="marketingtriplet" data-comp-index="1" data-timer-key="14"> <span class="heading" data-pos="0"> Offers </span> <div class="firstStory" data-pos="1"> <a href="https://web.archive.org/web/20150712035342/http://jobs.ft.com/regionselector.ashx"><span class="headline label">Executive Appointments </span></a><span class="tagline">Global executive jobs</span> <span class="story-image"> <a href="https://web.archive.org/web/20150712035342/http://jobs.ft.com/regionselector.ashx"> <img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/47bbb79a-26b8-11e3-9dc0-00144feab7de.img" alt=""/> </a> <span class="credit manualSource"></span> </span> <a href="https://web.archive.org/web/20150712035342/http://jobs.ft.com/regionselector.ashx"><span class="content"> Register today for free job alerts</span></a> </div> <div data-pos="2"> <a href="https://web.archive.org/web/20150712035342/https://www.ftnewspaper.com/map7"><span class="headline label">JOIN THE BUSINESS ELITE</span></a><span class="tagline">More people at the top read the FT*</span> <span class="story-image"> <a href="https://web.archive.org/web/20150712035342/https://www.ftnewspaper.com/map7"> <img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/ae464786-2aaf-11df-b7d7-00144feabdc0.img" alt="BE Europe Survey"/> </a> <span class="credit manualSource"></span> </span> <a href="https://web.archive.org/web/20150712035342/https://www.ftnewspaper.com/map7"><span class="content"> *FT has grown in every major readership survey</span></a> </div> <div data-pos="3"> <a href="https://web.archive.org/web/20150712035342/https://sub.ft.com/WWPSP/?utm_source=expiry&utm_medium=expiry&utm_campaign=expiry&segid=70765&ftcamp=subs/ext_ad/psp/subsbooster/expiry/Acquisition&utm_uk=WWACL&utm_as=wftasia&utm_me=WWWACT&utm_eu=WWWACP&utm_us=JNFW1H5"><span class="headline label">FT Subscription</span></a><span class="tagline">Subscribe to the FT today</span> <span class="story-image"> <a href="https://web.archive.org/web/20150712035342/https://sub.ft.com/WWPSP/?utm_source=expiry&utm_medium=expiry&utm_campaign=expiry&segid=70765&ftcamp=subs/ext_ad/psp/subsbooster/expiry/Acquisition&utm_uk=WWACL&utm_as=wftasia&utm_me=WWWACT&utm_eu=WWWACP&utm_us=JNFW1H5"> <img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/354f4bec-c174-11e3-83af-00144feabdc0.img" alt=""/> </a> <span class="credit manualSource"></span> </span> <a href="https://web.archive.org/web/20150712035342/https://sub.ft.com/WWPSP/?utm_source=expiry&utm_medium=expiry&utm_campaign=expiry&segid=70765&ftcamp=subs/ext_ad/psp/subsbooster/expiry/Acquisition&utm_uk=WWACL&utm_as=wftasia&utm_me=WWWACT&utm_eu=WWWACP&utm_us=JNFW1H5"><span class="content"> Subscribe now for complete and unrestricted access</span></a> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "14"});</script> <script>FT.$doc.trigger("pgObjStop", {key: "12"});</script> </div> </div> <div class="master-row topAds" data-zone="topAdSection" data-timer-key="15"> <script>FT.$doc.trigger("pgObjStart", {key: "15", keyType: "el"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "16", keyType: "el"});</script> <div id="banlb" class="advertising" data-comp-name="advert" data-comp-view="advert" data-comp-index="0" data-timer-key="16" data-cb-ad-id="Leaderboard" data-cb-dfp-id="unit=ftcom5887ftfm.pensions;targeting=ind;pos=banlb"> <script> FT.ads.request("banlb"); </script> <noscript> <a href="https://web.archive.org/web/20150712035342/http://ad.doubleclick.net/N5887/jump/ftcom.5887.ftfm/pensions;sz=468x60,728x90;pos=banlb;tile=1;nojs=1" target="_blank"> <img src="https://web.archive.org/web/20150712035342im_/http://ad.doubleclick.net/N5887/ad/ftcom.5887.ftfm/pensions;sz=468x60,728x90;pos=banlb;tile=1;nojs=1" border="0" alt="Advertisement"/> </a> </noscript> </div> <div id="newssubs" class="advertising" data-cb-ad-id="News subs" data-cb-dfp-id="unit=ftcom5887ftfm.pensions;targeting=ind;pos=newssubs"> <script> FT.ads.requestNewssubs(); </script> </div> <script>FT.$doc.trigger("pgObjStop", {key: "16"});</script> <script>FT.$doc.trigger("pgObjStop", {key: "15"});</script> </div> <script>FT.$doc.trigger("pgObjStop", {key: "perceivedLoadTime"});</script> <div id="railBg"></div> <div class="master-row railSection" data-zone="railSection" data-timer-key="17"> <script>FT.$doc.trigger("pgObjStart", {key: "17", keyType: "el"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "18", keyType: "el"});</script> <div id="tlbxrib" class="advertising" data-comp-name="advert" data-comp-view="advert" data-comp-index="0" data-timer-key="18" data-cb-ad-id="Right rail ribbon" data-cb-dfp-id="unit=ftcom5887ftfm.pensions;targeting=ind;pos=tlbxrib"> <script> FT.ads.request("tlbxrib"); </script> </div> <script>FT.$doc.trigger("pgObjStop", {key: "18"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "19", keyType: "el"});</script> <div class="freestyle" data-comp-name="freestyle" data-comp-view="freestyle" data-comp-index="1" data-timer-key="19" id="204959"> <div><style> .brandPagePromo { margin:0 0 32px 0 ; } .brandPageContent { margin:0 10px ; } .brandPageContent p { margin:10px 0 ; } </style> <div class="brandPagePromo"> <div class="comp-header"> <h3 class="comp-header-title">ABOUT FTfm</h3> </div> <div class="brandPageContent"> <p><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm">FTfm </a>is the voice of the global fund management industry, providing must-have news and sharp analysis to the world’s top asset managers and professional investors.</p> </div> </div> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "19"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "20", keyType: "el"});</script> <div id="hlfmpu" class="advertising" data-comp-name="advert" data-comp-view="advert" data-comp-index="2" data-timer-key="20" data-cb-ad-id="Half mpu" data-cb-dfp-id="unit=ftcom5887ftfm.pensions;targeting=ind;pos=hlfmpu"> <script> FT.ads.request("hlfmpu"); </script> <noscript> <a href="https://web.archive.org/web/20150712035342/http://ad.doubleclick.net/N5887/jump/ftcom.5887.ftfm/pensions;sz=300x600,336x850,300x250,336x280;pos=hlfmpu;tile=2;nojs=1" target="_blank"> <img src="https://web.archive.org/web/20150712035342im_/http://ad.doubleclick.net/N5887/ad/ftcom.5887.ftfm/pensions;sz=300x600,336x850,300x250,336x280;pos=hlfmpu;tile=2;nojs=1" border="0" alt="Advertisement"/> </a> </noscript> </div> <script>FT.$doc.trigger("pgObjStop", {key: "20"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "21", keyType: "el"});</script> <div class="railMiniVideo" data-comp-name="railminivideo" data-comp-view="railminivideo" data-comp-index="3" data-timer-key="21" data-cb-ad-id="Pre roll mini player" data-cb-dfp-id="unit=ftcom5887ftfm.pensions;targeting=ind;pos=minivid"> <div class="ft-header-medium ft-header-medium-tint "> <h3 class="ft-header-medium-title " data-pos="0">FTfm videos</h3> </div> <noscript> <div class="railMiniVideo-player-nojs"> You need JavaScript active on your browser in order see this video. </div> </noscript> <div class="railMiniVideo-player" style="height:365px">  <object id="17-0afc0392-84f3-11df-adfa-00144feabdc0" class="BrightcoveExperience"> <param name="bgcolor" value="#F6E9D8"/> <param name="width" value="332"/> <param name="height" value="365px"/> <param name="playerID" value="1820439059001"/> <param name="publisherID" value="46412932001"/> <param name="isVid" value="true"/> <param name="isUI" value="true"/> <param name="dynamicStreaming" value="true"/> <param name="@videoList" value="ref:ftfm"/> <param name="playerKey" value="AQ~~,AAAACxbljZk~,eD0zYozylZ2BGOo7AxcJk7QiRt45zQkF"/> <param name="wmode" value="transparent"/> <param name="htmlFallback" value="true"/> <param name="includeAPI" value="true"/> <param name="templateLoadHandler" value="FTVideo.playerLoadHandler"/> </object>  <script> FTVideo.createPlayerAsync('17-0afc0392-84f3-11df-adfa-00144feabdc0'); </script> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "21"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "22", keyType: "el"});</script> <div class="editorialDoublet" data-comp-name="editorialDoublet" data-comp-view="editorialDoublet" data-comp-index="4" data-timer-key="22"> <div class="comp-header"> <h3 class="comp-header-title" data-pos="0"> FTfm people </h3> </div> <div class="doublet"> <div class="doublet-column" data-pos="1"> <div class="doublet-content"> <h4><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/intl/ftfm/face-to-face" class="label"><span>Face to Face</span></a></h4> <span class="story-image"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/dbf7f11e-2632-11e5-bd83-71cb60e8f08c.html"> <img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/7b5a7678-257a-11e5-bd83-71cb60e8f08c.img" alt=""/> </a> <span class="credit manualSource"></span> </span> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/dbf7f11e-2632-11e5-bd83-71cb60e8f08c.html"> <span class="content">David Neal, head of Australia’s sovereign wealth fund, denies tax avoidance and laments private equity costs</span> </a> </div> </div> <div class="doublet-column" data-pos="2"> <div class="doublet-content"> <h4><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/dc3eb3ec-ddd0-11e4-9d29-00144feab7de.html" class="label"><span>Movers & shakers</span></a></h4> <span class="story-image"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/5a9f9524-2649-11e5-9c4e-a775d2b173ca.html"> <img src="https://web.archive.org/web/20150712035342im_/http://im.ft-static.com/content/images/70cdee06-26f6-11e5-bd83-71cb60e8f08c.img" alt="Ileana Salas for Ftfm"/> </a> <span class="credit manualSource"></span> </span> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/5a9f9524-2649-11e5-9c4e-a775d2b173ca.html"> <span class="content">Santander Asset Management has appointed Ileana Salas as global head of institutional sales, based in London</span> </a> </div> </div> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "22"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "23", keyType: "el"});</script> <div class="railList" data-comp-name="raillist" data-comp-view="raillist" data-comp-index="5" data-timer-key="23"> <div class="comp-header"> <h3 class="comp-header-title" data-pos="0"> Most popular in FTfm </h3> </div> <div class="comp-body"> <ol class="railLinks"> <li data-pos="2"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/c16374ce-2171-11e5-ab0f-6bb9974f25d0.html"> Fund executives fear asset management iTunes </a> </li> <li data-pos="3"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/05c7bffa-2161-11e5-ab0f-6bb9974f25d0.html"> China’s steel dragon has lost its appetite for US coal </a> </li> <li data-pos="4"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/238d8b00-20b7-11e5-aa5a-398b2169cf79.html"> EU accounting rules could mask onset of another financial crisis </a> </li> <li data-pos="5"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/80f32d22-20d5-11e5-aa5a-398b2169cf79.html"> Lyxor had ‘no choice’ in closure of Greek ETF </a> </li> <li data-pos="6"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/0/24909134-2169-11e5-ab0f-6bb9974f25d0.html"> OECD warns over ‘excessive search for yield’ </a> </li> </ol> <div class="moreLink"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/currentissue"> FTfm's paper this week </a> </div> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "23"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "24", keyType: "el"});</script> <div class="freestyle" data-comp-name="freestyle" data-comp-view="freestyle" data-comp-index="6" data-timer-key="24" id="214589"> <span></span> </div> <script>FT.$doc.trigger("pgObjStop", {key: "24"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "25", keyType: "el"});</script> <div class="railList" data-comp-name="raillist" data-comp-view="raillist" data-comp-index="7" data-timer-key="25"> <div class="comp-header"> <h3 class="comp-header-title" data-pos="0"> Reports </h3> </div> <div class="comp-body"> <ol class="railLinks topics"> <li data-pos="2"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/asset-manager-intentions"> Asset Management in Asia </a> </li> <li data-pos="3"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/investing-fixed-income"> Investing in Fixed Income </a> </li> <li data-pos="4"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/etfs-report"> Exchange Traded funds </a> </li> <li data-pos="5"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/hedge-fund-survey"> Hedge Fund Survey </a> </li> <li data-pos="6"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/intl/cms/s/0/70ae9d38-8121-11e4-896c-00144feabdc0.html"> Quarterly Industry Review: December 2014 </a> </li> </ol> <div class="moreLink"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/ftfm/reports"> More FTfm reports </a> </div> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "25"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "26", keyType: "el"});</script> <div id="mpu" class="advertising" data-comp-name="advert" data-comp-view="advert" data-comp-index="8" data-timer-key="26" data-cb-ad-id="mpu" data-cb-dfp-id="unit=ftcom5887ftfm.pensions;targeting=ind;pos=mpu"> <script> FT.ads.request("mpu"); </script> </div> <script>FT.$doc.trigger("pgObjStop", {key: "26"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "27", keyType: "el"});</script> <div class="jobsBox" data-comp-name="railFeedsBox" data-comp-view="jobsbox" data-comp-index="9" data-timer-key="27"> <div class="comp-header"> <h3 class="comp-header-title" data-pos="0"> <a href="https://web.archive.org/web/20150712035342/http://www.exec-appointments.com/"> EXECUTIVE APPOINTMENTS </a> </h3> </div> <form action="https://web.archive.org/web/20150712035342/http://www.exec-appointments.com/searchjobs/" method="get" class="jobsBoxSearch"> <fieldset> <legend>Enter job search</legend> <input type="text" name="Keywords" class="jobsBoxKeywords" value="" placeholder="Enter job search here..."/> <button type="submit" class="jobsBoxSearchButton"><span><span>Search</span></span></button> </fieldset> </form> <ul class="jobsBoxLinks clearfix" data-pos="1"> <li class="odd"> <a target="_blank" href="https://web.archive.org/web/20150712035342/http://www.exec-appointments.com/job/1410682/audit-and-assurance-council-non-executive-member/?TrackID=28"> Audit and Assurance Council – non-executive member </a> <br/> The Financial Reporting Council Ltd <br/> </li> <li> <a target="_blank" href="https://web.archive.org/web/20150712035342/http://www.exec-appointments.com/job/1410319/independent-remuneration-committee-member/?TrackID=28"> Independent Remuneration Committee Member </a> <br/> The General Dental Council <br/> </li> <li class="odd"> <a target="_blank" href="https://web.archive.org/web/20150712035342/http://www.exec-appointments.com/job/1410451/board-member/?TrackID=28"> Board Member </a> <br/> Solicitors Regulation Authority <br/> </li> <li> <a target="_blank" href="https://web.archive.org/web/20150712035342/http://www.exec-appointments.com/job/1410051/chief-financial-officer-treasury/?TrackID=28"> Chief Financial Officer, Treasury </a> <br/> Treasury <br/> </li> </ul> <div class="jobsBoxOptionalLink" data-pos="2"> <a href="https://web.archive.org/web/20150712035342/http://www.exec-appointments.com/alerts/"> Register for free to receive the latest executive jobs by email </a> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "27"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "28", keyType: "el"});</script> <div class="toolsandservices" data-comp-name="toolsandservices" data-comp-view="toolsandservices" data-comp-index="10" data-timer-key="28"> <div class="comp-header"> <h3 class="comp-header-title">TOOLS & SERVICES</h3> </div> <div class="tools-column"> <h3 class="tools-heading" data-pos="0"> Multimedia </h3> <ul> <li data-pos="1"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/video"> Video </a> </li> <li data-pos="2"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/comment/blogs"> Blogs </a> </li> <li data-pos="3"> <a href="https://web.archive.org/web/20150712035342/http://podcast.ft.com/?segid=70118"> Podcasts </a> </li> <li data-pos="4"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/interactive"> Interactive graphics </a> </li> </ul> <h3 class="tools-heading" data-pos="5"> Tools </h3> <ul> <li data-pos="6"> <a href="https://web.archive.org/web/20150712035342/http://portfolio.ft.com/"> Portfolio </a> </li> <li data-pos="7"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/topics"> Topics </a> </li> <li data-pos="8"> <a href="https://web.archive.org/web/20150712035342/http://lexicon.ft.com/"> FT Lexicon </a> </li> <li data-pos="9"> <a href="https://web.archive.org/web/20150712035342/http://clippings.ft.com/"> FT clippings </a> </li> <li data-pos="10"> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/markets/currencies.asp?segid=70113"> Currency converter </a> </li> <li data-pos="11"> <a href="https://web.archive.org/web/20150712035342/http://rankings.ft.com/businessschoolrankings/global-mba-rankings?segid=70114"> MBA rankings </a> </li> <li data-pos="12"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/uk-edition"> Today's newspaper </a> </li> <li data-pos="13"> <a href="https://web.archive.org/web/20150712035342/http://presscuttings.ft.com/presscuttings/search.htm"> FT press cuttings </a> </li> <li data-pos="14"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/uk-edition"> FT ePaper </a> </li> <li data-pos="15"> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/research/EcoCalendar"> Economic calendar </a> </li> </ul> <h3 class="tools-heading" data-pos="16"> Services </h3> <ul> <li data-pos="17"> <a href="https://web.archive.org/web/20150712035342/https://www.ftnewspaper.com/map3"> Subscriptions </a> </li> <li data-pos="18"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/corporate"> Corporate subscriptions </a> </li> <li data-pos="19"> <a href="https://web.archive.org/web/20150712035342/http://education.ft.com/"> Education subscriptions </a> </li> <li data-pos="20"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/syndication"> Syndication </a> </li> <li data-pos="21"> <a href="https://web.archive.org/web/20150712035342/https://www.ft-live.com/"> Conferences </a> </li> <li data-pos="22"> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/markets/investorRelations.asp?segid=90058"> Annual reports </a> </li> <li data-pos="23"> <a href="https://web.archive.org/web/20150712035342/http://www.exec-appointments.com/"> Executive job search </a> </li> <li data-pos="24"> <a href="https://web.archive.org/web/20150712035342/http://www.non-execs.com/"> Non-Executive Directors' Club </a> </li> <li data-pos="25"> <a href="https://web.archive.org/web/20150712035342/http://www.businessesforsale.com/ft"> Businesses for sale </a> </li> <li data-pos="26"> <a href="https://web.archive.org/web/20150712035342/http://www.businessesforsale.com/ft2/notices"> Contracts & tenders </a> </li> <li data-pos="27"> <a href="https://web.archive.org/web/20150712035342/https://commerce.uk.reuters.com/purchase/mostPopular.do?rpc=471"> Analyst research </a> </li> <li data-pos="28"> <a href="https://web.archive.org/web/20150712035342/http://www.propertysales.com/"> PropertySales.com </a> </li> <li><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/servicestools/newstracking/rss" class="rss">RSS feeds</a></li> </ul> </div> <div class="tools-column"> <h3 class="tools-heading" data-pos="29"> Quick links </h3> <ul> <li data-pos="30"> <a href="https://web.archive.org/web/20150712035342/https://www.ft-live.com/"> FT Live </a> </li> <li data-pos="31"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/howtospendit"> How to spend it </a> </li> <li data-pos="32"> <a href="https://web.archive.org/web/20150712035342/http://aboutus.ft.com/social-media/"> Social Media hub </a> </li> <li data-pos="33"> <a href="https://web.archive.org/web/20150712035342/http://www.ftpropertylistings.com/"> FT Property Listings </a> </li> <li data-pos="34"> <a href="https://web.archive.org/web/20150712035342/http://www.thebanker.com/"> The Banker </a> </li> <li data-pos="35"> <a href="https://web.archive.org/web/20150712035342/http://www.thebankerdatabase.com/"> The Banker Database </a> </li> <li data-pos="36"> <a href="https://web.archive.org/web/20150712035342/http://www.fdiintelligence.com/"> fDi Intelligence </a> </li> <li data-pos="37"> <a href="https://web.archive.org/web/20150712035342/http://www.fdimarkets.com/"> fDi Markets </a> </li> <li data-pos="38"> <a href="https://web.archive.org/web/20150712035342/http://www.pwmnet.com/"> Professional Wealth Management </a> </li> <li data-pos="39"> <a href="https://web.archive.org/web/20150712035342/http://www.thisisafricaonline.com/"> This is Africa </a> </li> <li data-pos="40"> <a href="https://web.archive.org/web/20150712035342/http://www.investorschronicle.co.uk/"> Investors Chronicle </a> </li> <li data-pos="41"> <a href="https://web.archive.org/web/20150712035342/http://www.mandatewire.com/"> MandateWire </a> </li> <li data-pos="42"> <a href="https://web.archive.org/web/20150712035342/http://www.ftchinese.com/"> FTChinese.com </a> </li> <li data-pos="43"> <a href="https://web.archive.org/web/20150712035342/http://www.pensions-expert.com/"> Pensions Expert </a> </li> <li data-pos="44"> <a href="https://web.archive.org/web/20150712035342/http://www.nyif.com/"> New York Institute of Finance </a> </li> <li data-pos="45"> <a href="https://web.archive.org/web/20150712035342/http://www.execsense.com/"> ExecSense </a> </li> <li data-pos="46"> <a href="https://web.archive.org/web/20150712035342/http://www.aseanconfidential.com/"> ASEAN Confidential </a> </li> <li data-pos="47"> <a href="https://web.archive.org/web/20150712035342/http://www.ftchinaconfidential.com/"> China Confidential </a> </li> <li data-pos="48"> <a href="https://web.archive.org/web/20150712035342/http://www.latamconfidential.com/"> LATAM Confidential </a> </li> </ul> <h3 class="tools-heading" data-pos="49"> Updates </h3> <ul> <li data-pos="50"> <a href="https://web.archive.org/web/20150712035342/http://markets.ft.com/alerts/keyword.asp"> Alerts Hub </a> </li> <li data-pos="51"> <a href="https://web.archive.org/web/20150712035342/http://nbe.ft.com/nbe/profile.cfm?segid=70121"> Daily briefings </a> </li> <li data-pos="52"> <a href="https://web.archive.org/web/20150712035342/https://www.facebook.com/financialtimes"> FT on Facebook </a> </li> <li data-pos="53"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/twitter"> FT on Twitter </a> </li> <li data-pos="54"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/mobile "> FT on your mobile </a> </li> <li data-pos="55"> <a href="https://web.archive.org/web/20150712035342/http://announce.ft.com/?segid=90059"> Company announcements </a> </li> <li data-pos="56"> <a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cms/s/6d61227e-d377-11da-b2f3-0000779e2340.htm?segid=70123"> Share prices on your phone </a> </li> </ul> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "28"});</script> <script>FT.$doc.trigger("pgObjStop", {key: "17"});</script> </div> </div> <div class="master-row bottomSection " data-zone="bottomSection" data-timer-key="29"> <script>FT.$doc.trigger("pgObjStart", {key: "29", keyType: "el"});</script> <script>FT.$doc.trigger("pgObjStart", {key: "30", keyType: "el"});</script> <div class="freestyle" data-comp-name="freestyle" data-comp-view="freestyle" data-comp-index="0" data-timer-key="30" id="241216"> <div id="footer"> <div id="content"> <ul class="gen-freestyle-ul"> <li><a href="https://web.archive.org/web/20150712035342/http://www.ft.com/help">Help</a></li> <li>•<a href="https://web.archive.org/web/20150712035342/http://aboutus.ft.com/contact-us">Contact us</a></li> <li>•<a href="https://web.archive.org/web/20150712035342/http://www.ft.com/aboutus">About us</a></li> <li>•<a href="https://web.archive.org/web/20150712035342/http://www.ft.com/advertising">Advertise with the FT</a></li> <li>•<a href="https://web.archive.org/web/20150712035342/http://www.ft.com/servicestools/help/terms">Terms & conditions</a></li> <li>•<a href="https://web.archive.org/web/20150712035342/http://www.ft.com/servicestools/help/privacy">Privacy policy</a></li> <li>•<a href="https://web.archive.org/web/20150712035342/http://www.ft.com/servicestools/help/copyright">Copyright</a></li> <li id="footerCookiePolicy">•<a href="https://web.archive.org/web/20150712035342/http://www.ft.com/cookiepolicy">Cookie policy</a></li> <script> /* <![CDATA[ FT.FooterAdChoiceLink = '<li id="footerAdChoices">•<a href="https://web.archive.org/web/20150712035342/http://www.youronlinechoices.eu">AdChoices</a></li>'; if (typeof FT.render.user.isUserInEU === 'function' && FT.render.user.isUserInEU()) { document.write(FT.FooterAdChoiceLink); } $(window).load(function() { FT.lib.hashCookies(); if (typeof FT.render.user.isUserInEU === 'function' && FT.render.user.isUserInEU() && !$('#footerAdChoices').length) { $(FT.FooterAdChoiceLink).insertAfter('#footerCookiePolicy'); } }); ]]> */ </script> </ul> <p> <span class="copyright"><strong>© The Financial Times Ltd 2015 </strong></span> <span><acronym title="Financial Times">FT</acronym> and 'Financial Times' are trademarks of The Financial Times Ltd.</span> </p> <br/> </div> </div> </div> <script>FT.$doc.trigger("pgObjStop", {key: "30"});</script> <script>FT.$doc.trigger("pgObjStop", {key: "29"});</script> </div> <div id="tweetText" class="twitter-overlay-container"> <div class="overlayArrow"></div> <div class="innerBox"> <div class="title">SHARE THIS QUOTE <a class="twitterCloseOverlay" href="javascript:void(0)"></a></div> <div class="content pullquote"></div> <div class="tweet-btn-container"> <a href="javascript:void(0)" class="tweet-btn" data-text=""> <span class="quoteImg"></span><span class="label"><strong>Tweet</strong> this quote</span> </a> </div> </div> </div> <div class="adRequests"> <div id="corppop" data-cb-ad-id="Corp pop up" data-cb-dfp-id="unit=ftcom5887ftfm.pensions;targeting=ind;pos=corppop"> <script> FT.ads.request('corppop'); </script> </div> <div id="refresh" data-cb-ad-id="Refresh" data-cb-dfp-id="unit=ftcom5887ftfm.pensions;targeting=ind;pos=refresh"> <script> FT.ads.request('refresh'); </script> </div> </div> </div> <div id="oob" data-cb-ad-id="Oob" data-cb-dfp-id="unit=ftcom5887ftfm.pensions;targeting=ind;pos=oob"> <script> FT.ads.request('oob'); </script> </div> <script src="https://web.archive.org/web/20150712035342js_/http://static-render-p.ft.com/scripts/b664dda3/bundles/coreFoot.js"></script> <script src="https://web.archive.org/web/20150712035342js_/http://static-render-p.ft.com/scripts/7e26ad7/bundles/nonArticleFoot.js"></script> <script src="https://web.archive.org/web/20150712035342js_/http://navigation.webservices.ft.com/v1/navigation/ft/js/script.min.js"></script>    <script type="text/javascript"> /* <![CDATA[ */ var google_conversion_id = 1004457185; var google_conversion_label = "2CA1CMe1kgQQ4Zn73gM"; var google_custom_params = window.google_tag_params; var google_remarketing_only = true; /* ]]> */ </script> <script type="text/javascript" src="//web.archive.org/web/20150712035342js_/http://www.googleadservices.com/pagead/conversion.js"></script> <noscript> <div style="display:inline;"> <img height="1" width="1" style="border-style:none;" alt="" src="//web.archive.org/web/20150712035342im_/http://googleads.g.doubleclick.net/pagead/viewthroughconversion/1004457185/?value=0&label=2CA1CMe1kgQQ4Zn73gM&guid=ON&script=0"/> </div> </noscript> <script src="https://web.archive.org/web/20150712035342js_/https://reg.ft-static.com/guestpass/assets/perm/js/jquery-ui-1.10.3.custom.min.js"></script> </body> </html>