How can actuaries make their mark in fund management?
I think they are two different areas of expertise and it is wrong for them to overlap. Actuaries should not be trying to be or beat a fund manager because a different skill is required. What is your view on liability-driven investment solutions for pension schemes? Are these products good value for money? People have been forced into it by an environment where a financial director, for example, might want to take the risk out of liability-driven investment structures. I would criticise the regime in which we have found ourselves. It is wrong to manage money on long-term liabilities with a short-term view. Over time, markets do tend to rise. The stock markets have not seen a very good start to the year. What are your market forecasts? I am quite pessimistic but it is difficult to tell if there will be a recession. If you are going from 3% growth to 0.5% then it is a very sharp drop and almost as bad as a recession anyway. The reason markets have not responded to the sharp reductions in
