Investment Strategy of the UK Actuarial Profession David Kingston

Investment Strategy of the UK Actuarial Profession Strategy review, Summer 1999 Conclusions Without a major reemphasis by the actuarial profession on the management of assets we shall: lose any remaining credibility we have as a profession in the asset management area

Investment Strategy of the UK Actuarial Profession Strategy review, Summer 1999 Conclusions threaten our position as the profession which understands the management and inter-relationship of both sides of financial balance sheets We believe that there is a major opportunity for the profession if we are prepared to seize it and take action.

Investment Strategy of the UK Actuarial Profession How to get there 1. The education system will have to allow greater emphasis on investment 2. We need to increase the opportunity for actuaries in general to develop better investment knowledge throughout their careers. 3. We need as a profession to provide better support to all actuaries in investment.

Investment Strategy of the UK Actuarial Profession Progress to date I Creation of a new Finance and Investment Board with effect from July 2000 Of equal stature to the existing ‘liability’ Boards (Life, Pensions, General Insurance) First Board Chairman - Peter Nowell Enhanced secretarial and executive support

Investment Strategy of the UK Actuarial Profession Progress to date II Establishment of a strategy implementation working party Survey of Investment actuaries Dec 1999 / Jan 2000 Suggestions for additional topics which need to be included in the training of investment specialists Outline of possible syllabuses

Investment Strategy of the UK Actuarial Profession Major changes to professional examinations Comprehensive review of the complete education and examination system currently under way Target implementation date Continuous improvement to the current strategy is being looked at A global education system is a target

Investment Strategy of the UK Actuarial Profession Possible new syllabuses for investment specialists Perceived need to introduce greater emphasis on asset issues Introduce new 300 series papers for Investment Actuaries: Introduction to Financial Instruments and Markets Actuarial Approach to Asset Management Derivatives and Trading Risk Discussions now under way as to how to implement this

Investment Strategy of the UK Actuarial Profession Next steps We need volunteers to help develop these new ventures: To contribute to the ongoing education strategy debate To assist with developing the syllabi for the new exams To write the associated Core Reading To act as examiners (both for the existing papers and the new exams) To identify and deliver CPD events To identify other professional bodies we could work with

Investment Strategy of the UK Actuarial Profession ALL OFFERS WILL BE GRATEFULLY ACCEPTED!.