Investment style meaning

Aon Plc reported that merely 2% of those polled from defined benefit-style schemes plan to allocate to UK productive finance during 2025–26, overall. The firm noted, notably in comparable surveys run in recent years, a waning appetite among pension schemes for illiquid assets, according to Aon. We expected this pattern to create a major obstacle to the UK government’s aims of boosting pension scheme investment in UK productive finance, the company added...

Investment bank Berenberg believes insurers are likely to keep motor policies on their ledgers, yet may pivot towards underwriting manufacturers of vehicles rather than individual drivers. This assessment comes from its comprehensive and wide-ranging review of the outlook and prospects for Britain’s motor insurance market and the implications for investors. The government intends to begin small-scale pilots of self-driving taxis and buses nationwide across the country in spring 2026. Berenberg added that, should these pilots prove effective, they might pave the way for far broader uptake of autonomous technology among Britain’s motorists...

Chancellor Rachel Reeves suggested the approach could deliver improved pension incomes for savers. The newly appointed Labour chancellor of the exchequer spoke ahead of a Toronto meeting with delegates from the 'Maple 8', Canada's biggest pension funds. Reeves also noted, 'Because Canadian pension schemes are larger, they are able to channel much more into productive assets, such as essential infrastructure, than ours can'...

What does this Practice Note cover? This Practice Note sets out an overview of liability management techniques for bonds—covering bond buybacks, tender offers, exchange offers and consent solicitation—placing particular emphasis on the process, the documentation to be prepared, and the principal legal and regulatory considerations that arise in delivering such transactions. The Note is directed mainly at investment‑grade bonds issued in the UK and European markets. For further information on liability management exercises, including liability management transactions involving loans/credit agreements, see Practice Note: FAQs on Liability Management Exercises. What is liability management in relation to bonds? Liability management describes a range of techniques used by issuers to actively manage or restructure their outstanding bond liabilities. Typical liability management transactions comprise: bond buyback tender offer exchange offer consent solicitation A liability management transaction can also be structured as a combination of these techniques...

Introduction to margin loans What is a margin loan? At a high level, a margin loan is credit extended to a borrower, secured by liquid assets pledged for the lender’s benefit. The collateral usually consists of instruments traded on public markets or exchanges, most commonly the borrower’s listed shares, which serve as the underlying assets. The outstanding balance under the margin loan facility is compared with the value of those assets through a loan to value test. Should the collateral’s value drop beneath an agreed threshold, a margin call arises, obliging the borrower to act—typically by adding cash or further security—to return the loan to value ratio to the agreed level. Because asset values are set by exchange-traded prices, the loan to value can fluctuate rapidly and is therefore usually checked daily at the close of trading on the relevant exchange, when prices are settled. This Practice Notice concentrates on margin loans secured over listed shares, though margin loans may alternatively be secured over other asset classes...

The Pensions Regulator (TPR) operates two enforcement strategies: one enforcement strategy detailing how TPR undertakes enforcement across its functions other than automatic enrolment, and a distinct compliance and enforcement strategy aimed at employers with automatic enrolment obligations. Together, these describe the outcomes TPR pursues and the means to deliver them, all to strengthen safety and security for pension savers. TPR also maintains a prosecution policy setting out how it will deal with criminal offences linked to occupational pensions. The enforcement and prosecution policies sit beneath its TPR scheme management enforcement policy, which states the overarching aims of its enforcement activity and offers insight into the framework TPR applies when choosing cases for enforcement action. In November 2024, TPR stated that the swift expansion in the scale of occupational pension schemes meant members should be protected from systemic risk through a more ‘prudential-style of regulation’. TPR has therefore shifted focus to address risks not only at the level of individual schemes but also...