Stage by stage, today's asset management industry is becoming increasingly dominated by regulators. This is true in Europe of insurance, which now faces Basel II complications, and mutual funds, where providers are adjusting progressively to the scope offered by Ucits III. Nowhere, though, is regulation more relevant than in the defined benefit occupational pensions sector.

The issues have been analysed in an international study* sponsored by Allianz Global Investors, largely produced by its technical and consultancy offshoot, Risklab, and published in association with the OECD, which runs a working party on private pensions.