The expectation game
The 250-year old UK mutual Equitable Life became a poster child for poor risk management. But the firm's current management is quietly solving the problems it inherited from the past. Aaron Woolner reports
Instead of the baying crowds of ice hockey enthusiasts and teenage rock fans which were its usual visitors during August 2001, the 12,500 capacity London Arena played host to an older, but potentially more volatile audience - 1,500 disgruntled Equitable Life policyholders at the company's first annual general meeting after it slashed the value of their investments.
Six years on, the train wreck of failed expectations is being quietly and carefully cleaned up from an office near London's St Paul's
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