EDHEC calls for ALM changes to pension fund rules
European pension funds would experience greater stability if regulators amended asset liability management (ALM) rules to permit short-term risk taking using internal risk management models, a new paper argues.
The study, entitled Impact of regulations on the ALM of European pension funds, from the Nice-based EDHEC Risk and Asset Management Research Centre, looked at the impact of the accounting and prudential constraints that ALM has on pension funds in the Netherlands, UK, Germany and
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