How Asset Managers Are Preparing for Solvency II

7/31/2019 How Asset Managers Are Preparing for Solvency II

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H w ss t s S v y II

Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*

E st u EMEI ss t M t


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C t tsx ut v su ry 1

I tr u t 3S v y II ss t t 7

T s rtu t s 13

t t S v y II 17

Pr r ss t t 7

v r 014 31

Surv y r 3

G ss ry r y s 34


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C]q f\af_k

ur p ss t rs t i t ywi wi r i sur c busi ss ut S v cy II

T surv y u ss t rst u s ut t r r s ts

w t us ss s r su t S v y II, w t tw -t r s r s ts x t t u r r

sur us ss. W t s s s t vv w t, r st u v s t tt s x t t s y s r t

jYl`]j l`Yf j]dYl]\ lg Y kh][a[ j]n]fm]t r t: s 1% r s ts v s t t r t r t s t

r t y S v y II.

L c c rity i t S v cy IIr u ti s is t bi st c r

ss t rs

t r s t, t st r ss trs st r S v y II s

t r ty r u r ts, w t rt r s ts t t s s

ssu . r ty s v , w w ut t t t t t t v

r v ur t , t y t w u t xt ur .

x ut v su ry

ss t rs b i v t ir c i t

r p rti , t pr uct v p t^mf[lagfk oadd Z] ka_fa[Yfldq aehY[l]\by S v cy II

T t t r r s t w tt ss t t r t

t y r s ts ur surv yw r t r rt , t t

r u t v t r s t v y. Ww u v x t t tt r r t t r rt

us t t r s tt r v st t r ss, w r s t

r rt s y t t r ss.W r s ts s t t s

t v ty u t r ty tr rt r u r ts u r S v y II.

Gl`]j f\af_k

L c c i t r u sts cit s r sr t vi S v cy II pr r

9degkl Y ^l` g^ j]khgf\]flk \g fgl `Yn] r r u r w y t t

t y , t r s t r u sts ss t rs

t v w sur rs s str t yrt t . T r s v

lg km__]kl l`Yl eYfq afkmjYf[] jekr t y t u y t r ss t

t rt rs S v y II, t r s s r ty t st t

j]Y\af]kk& 9 ^]o jek Yj] hmk`af_ Y`]Y\w t str t us r s t

rtu ty r y S v y II w

*( g^ j]khgf\]flkkYa\ l`Yl ]f_Y_]e]floal` afkmj]jk ak l`]ajZa__]kl [`Ydd]f_]& L`akak Y ka_fa[Yfl fmeZ]j$_an]f l`Yl l`]j] ak

t v afkmj]jk lg [gehdq oal`

Kgdn]f[q AA&


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st r ur y r t v w t wst t r ss. F r x , u rt r r s ts s w r t 10%

t r sur ts w tt S v y II. T r s s tS v y II r s r t v w t

t ss t rs t str t r : t sur r s t

r s s t S v y II, tss t r s t t t r r .

Furt r r , t r ss t rsYj] oal`gml Y [d]Yjdq \]f]\ kljYl]_q ^gjS v y II. T s r str t y sj]][l]\ af l`] dY[c g^ j]n]fm] lYj_]lk&

L c c rity r u r c upi c sts r ti iti s

T r s u w r t w tr s t t S v y II stru tur s.F r s y s r r r twj]Ykgfk2 jkl$ a^ l`]q Yj] Z]af_ Ykc]\ ^gj

t , t y t r u t st t tt , s , r v t

s rv s, t r s rtu ty tr t t r v u . It s r s

sur r s t t r t u rt r r s ts r t s r t

r S v y II x s s tt r sur t s . Furt r r ,

ust 5% r s ts v s t t r t r t s t t u

r t s r su t S v y II.

S v cy II pr r s pr i t y sc u

s r s t t s r S v y IIr r s r r , t s r t v y

hgkalan] k[]fYjag2 ^gj l`gk] jek oal` S v y II r r , u rt r

r s ts t t rJ u ry 013 t r - u rt rs

t t y t 013.T v t s , t r su ts

r S v y II s su stss t rs r r w st

r x st r r s t su rtS v y II. T s s r r ssur t s v u s str t r

r s ur s: t r s st t t shjg_jYek l`Yl Ykk]l eYfY_]e]fl jek

t s r.

on usionEYfq Ykk]l eYfY_]e]fl jek Yj] fgl Y[lmYddq lYcaf_ Ystr t rs t v S v y II. W st v r vs t y r r t v tw t r s v str t y

, r t v r t surv y su stst r r s r t v . T surv y u t tt us s r t tt rs, w tr t v y tt tt t t str t r v u

r t rtu t s t t y r v r tS v y II r r .


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S v y II s U D r t v t t

s ts ut str r r s tr u r ts r ur sur rs \a[lYl]k `go em[` [YhalYd jek emkl

r t t t r t s. U ru t ur I sur

u t P s s ut r ty( I P ), t t t D r t v

s x t t t r 1J u ry 014.

T r u r ts S v y II v vr x u t s t r- s

^gjemdYk$ klj]kk l]klaf_ Yf\ fYf[aYdeg\]dk& AfkmjYf[] jek emkl Ydkg eYc]ka_fa[Yfl [`Yf_]k lg fYf[aYd kqkl]ek$

t r s t r r rtt r-v u s s r S v y II,

r r r r t r u s sur fYf[aYd klYl]e]flk$ jakc e]Ykmj]k Yf\

t u t s. T r v w s sts t r tr rs:

P r 1 C t u y

P r Syst s v r

P r 3 Su rv s ry r rt u s sur

I t utur , sur rs r y t r rv st ts t t r v s r t

w t t r t s s r s yss t ss s, s t s w u r u t r

t r u r ts. T s r s ts rtu ty r S v y II- t z

r u ts, su s s r u ts t - ur t t s r r u ts

t t t t x s u t r t st w r w us . ss t rs

r s t v t rt s rt stru t , w t

rtu ty t y r tt t tt r sur ts t s r

u rt t z t s ut s,w tur y t str r, -t r t r t s s.

I tr u t

t r t stu s sur

t t S v y II v u t r sur rs rs t v .

Kgdn]f[q AA ak Y ka_fa[Yfl ha][] g^sur r u t ; t r r , t s

u rst t t t us t ts r r y r u t t

gf afkmjYf[] jek& @go]n]j$ Kgdn]f[q AAs t s t t xt t

t r r u t s t t ss tt ustry. U rtu t y,

w t r u t t t s tss t t us s t r r ty: FS r u t su s t R t

D str ut R v w ur v rs s s t su s D -Fr ,

UCITS F TC v v t y tr r ss t rs.

F r t st tw y rs, r st u s w r w t u r ss t

rs, t S v y II t r s ts t t ss t t

v u . I t s surv y, w yzS v y II r t v w t ss t

rs w t sur t s.T r u u r us t s w t ss t

rs, w v xt s vt v ut t r r s

s. s w r ss s r w , wv str t t t t t

S v y II xt s y t surustry t t us ss s

ss t rs.

S v y II s ^mf\Ye]flYd j]na]o g^l`] [YhalYd Y\]imY[qYf\ jakc eYfY_]e]flj]imaj]e]flk ^gj l`]Eu suaf\mkljq& Al ak gf] g^l`] egkl [`Ydd]f_af_

Yf\ ^Yj%j]Y[`af_j]_mdYlgjq j]^gjek l`Yll`] =mjgh]Yf afkmjYf[]af\mkljq `Yk k]]f&


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B s ur w r s uss sw t ss t rs, w s ur surv y t t yz s v

t s t t r st r v t tS v y II r r t , r u r ts,

rtu t s t r ts. T t vs u t t t v ss ss t w tss t t ustry s r s

ts st t r ss. T r rtr v s w t t r ss

s u tw sur rs ss trs, w t r t r ts v s t

w t r v s s v rsur rs. T r r , t s r rt s rs

S v y II r t ss t trs t v , t r t surrs t v ( t t r rs).

It s w y w t t tu s t , ur y, s st y

u t w r s t s rs. s sur rs r s

t r r v r t rr u t rs v r t 18 t s,

t s v us t t y vY ka_fa[Yfl k`gjl^Ydd lg eYc] mh aft r s ss t t . T u t S v y C t R u r t (SCR)r u r s r uts, sur rsw r t , ur t ss t\YlY Yf\ imYflaYZd] [j]\al Yf\ daima\alqr s tr s.

Fu t t s s rt y uus, w t t t y tr t t su ss, sur rs w s

ssur t t ss t rs r v t t t y w s t y

t r t r t st s s.

W t ss t y r r r u t rysu rv s ry r v S v y II

s, t ss t t ustrys u r s y r r . T s

s r r t u tur t s rtw t r t ustry s v y

l`] [gf[]hlmYd afm]f[]k g^ Kgdn]f[q AA t r v s s r tr t ts str t

rtu t s. T s surv y s r v st rtu t s r ss t rs w tr s t t r u t v t.

O] ljmkl l`Yl l`ak j]hgjl oadd Z] Yhhj][aYl]\Zq l`] afkmjYf[] [geemfalq$ Yk alk f\af_kk`gmd\ _YdnYfar] al lg ]f_Y_] egj] oal` Ykk]leYfY_]e]fl hYjlf]jk& @go]n]j$ l`] hjaeYjqgZb][lan] g^ l`ak j]hgjl ak ^gj Ykk]l eYfY_]jklg Y[l mhgf l`] f\af_k&


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Kmjn]q f\af_k


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9/40

ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*

s t i sur c i ustry

r t r t S v cy II ctiv y its ss t

t p rt rs?

t ssu t t t tus r S v y II r r w u st r

t sur r, t ur ws st t st t r r s ts

y st t r surt s r u S v y II. It s r,

`go]n]j$ l`Yl Y ka_fa[Yfl hjghgjlagf ss t rs r t r u r

u w t t r sur ts

ut S v y II, v t t s r t v yt st . I t, 5% r s ts

s r t 0% t r surts y t t w t t

S v y II r u r ts.I t s st s, t s t w u

r t r t v : tsur r s t r s s t

S v y II, t ss t r s tt t r r .

O`Yl h]j[]flY_] g^ qgmj afkmjYf[] [da]fl ZYk]`Yk ]f_Y_]\ oal` qgm Yjgmf\ Kgdn]f[q AA7

5%

0%

%

13%

%

4%

75%

/

A^ gmj [da]flk Yj] fglZjaf_af_ mh l`] akkm]g^ Kgdn]f[q AA$ l`]f o]Yj] lYcaf_ l`] d]Y\ aft s t t kljYl]_a[ hjg[]kk&

S v y II ss t t


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11/40


@go ogmd\ qgm \]k[jaZ] qgmj jek YhhjgY[` lg Kgdn]f[q AA7

r ss t rs b i pr ctiv

i t ir ppr c t w r S v cy II?T ws s t t t r tS v y II w s r t y s rYk Z]af_ hjgY[lan]$ l`gm_` Y ka_fa[Yflhjghgjlagf \]k[jaZ]\ l`]aj je Ykr t v r t .

It s ur t s r t vr s s r t ss t t

u ty, s v r t surv ys t t t sur rs r t y t

u y . r t v s t y

w r y st s, t u t uv ss t rs t t st

t r sur ts s t r s. r t v s t t s

t ss t rs v t vust u s r v u ts,

r t r t r t v y r utw t t y t v r. ss t

rs w r t r s sx st ts t r

t t rs t utur .

R t v

t r s t

Pr t v

N t

5%

0%

53%

%


12/40

)( ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*

@go ogmd\ qgm jYl] qgmj [gehYfq ZgYj\k [mjj]fl mf\]jklYf\af_g^ Kgdn]f[q AA Yf\ alk aehY[l gf Ykk]l eYfY_]e]fl7

Is t r u rst i

t i p cts S v cy II t b r v r w ic str t ic

ppr c s u v v ?

ur surv y t s r su rst t r v t

t S v y II. It s s t st yt t ss t t u tyt t r s r , v tr t t r r u t s t t t y r

t t w t . M r t

t r r s ts r t t r r s

u rst S v y II s ,w t r t s y t s r.

T tur r s w -r st ss t t

jek& L`] j]kmdlk ^gj klY^^ ZjgY\dq eajjgjt t t r , w t r t t r r t t r st s u rst

S v y II s st r t t r st s u rst s r.

40%58%

%

G

F r

P r

Gmj l]Ye `Yk Y j]Yddq_gg\ mf\]jklYf\af_g^ Kgdn]f[q AA$ Zmlgmlka\] g^ l`Yl l]Yel`]j] ak eafaeYdYoYj]f]kk&

S v y II ss t t


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@go ogmd\ qgm jYl] qgmj klY^^k [mjj]fl mf\]jklYf\af_g^ Kgdn]f[q AA7

T r s rt t v t r : t s

r su ts r r y ( ut t x us v y)kh][a[ lg Kgdn]f[q AA l]Yek& L`]j]^gj]$t 86% r s ts t t r t stu rst s r r s

r y t S v y II t s.T r s u st r r r

w r ss uts t s r u s:r st u s t v t

su st t t w r ss s t s txt y t S v y II t s.

I s w sus t w

S v y II s y w t tS v y II t , t s x s t

str t r yYkk]l eYfY_]e]fl jek& Oal` kYd]k$

v st t us ss v tt s t t S v y II

r r , t us r s r t t v t s.

4 %

44%

14%

G

F r

P r


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@Yn] qgm jmf'\g qgm hdYf lg jmf ]\m[Ylagf k]kkagfk^gj qgmj klY^^ gf Kgdn]f[q AA7

us u t r w t r ss t

rs v r t v w tr s t t S v y II s t r rt tr . It u t r r s s

s t v t t 71% r s ts v ruu t s ss s r st S v y II.

T s r su t, w v r, s u t rZq l`] ^Y[l l`Yl Y ka_fa[Yfl fmeZ]j g^

ss t rs v t ru s ss s tu t st . T r rt t t vt ru ( r v t ru ) u t

s ss s S v y II s rr t sw t ss t rs r y\]f]\ kljYl]_q&

t r s y ssu t t v

u t s rs ru S v y IIw v r t t u r t s w t y ss t tje& L`] aehda[Ylagf ak l`Yl l`] hjg_jYek

r u r w y tw -t r s ss trs v str t y, w s

n]jq hgkalan]& @go]n]j$ l`] cfgod]\_]s w t t S v y II t s;

t r r , t s r r s r rr t - us

tur , r t r t tru y str t .

71%

%

s

N

O] l`afc l`] d]n]d g^mf\]jklYf\af_ Yl YZgYj\ d]n]d ak Y[[mjYl]`go]n]j$ o] ^]]d l`YlklY^^ mf\]jklYf\af_ g^Kgdn]f[q AA ak dgo]j l`Yfl`] j]kmdl `]j] ogmd\af\a[Yl]&

S v y II ss t t


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T s rtu t s

O`Yl \g qgm h]j[]an] ak l`] Za__]kl [`Ydd]f_] ^gj Ykk]leYfY_]jk g^ Kgdn]f[q AA7

W t t S v y II ,

ss t rs s u s tw r t ts t r

r r s s r t . Butw r y r t y, w r r t y

? ur stu y t s t t tr s t, t st r ss t

rs st r S v y II st r ty r u r ts, w t rt r s ts t t s s

ssu .

s r ty r u r ts s st S v y II r r ,

r ty s v , w w u t tt t r v t r t t w u

t . D t r v s s urr t yr s , w t r t

u rt r r s ts t t s s . Su s u t y, w x t t

s t r s r ,

su s ss t tu r rty

u t t r u r t r -t r ut s t - v t , s t t -

, t t t sur rs r rtr u r ts.

T ss t tu r rty s t r st . T s w t

w ss t rs v t su t tt sur rs u r S v y II t v y

s t t t sur r t t yr t t rt t t t ss t

r s . s s u ,w y w ss t t

jek k]] dgkk g^ afl]dd][lmYd hjgh]jlq YkY eYbgj [`Ydd]f_]$ egkl Yj] ka_fa[Yfldq

r ut r v -t r ut w t su s rt t r

r x r w ys w t r u v tt s ssu .

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O`Yl Yj] l`] lgh l`j]] Yj]Yk g^ qgmj gh]jYlaf_ eg\]d qgm làfc oadd Z]aehY[l]\ l`] _j]Yl]kl Yk Y j]kmdl g^ Kgdn]f[q AA7

jYfc Yfko]jk ^jge ) lg +!

W r wi t r t st i p ct

S v cy II b t by ss t rswit i t ir w p r ti ?

T t t r r s t ty r s ts ur surv y w r t

r rt , t t r u tv t r s t v y.

I t r s t t t r teg\]d$ l`]k] f\af_k ^gj j]hgjlaf_

t t r w tt r u st s t surv y, w r t

r v s t t , u ty ssurt t r t SCR u t s

r y. T t rs t r

t t , r ss t, t, v t t t t v r us r ts r ss

l`] je$ af[dm\af_ l`] [da]fl j]hgjlaf_l]Ye l`]j]^gj]$ alk afm]f[] ak ZjgY\

.

N r s ts t t v st thjg[]kk Yk Z]af_ ka_fa[Yfldq aehY[l]\&I t s surv y w r t r t y rs t , w t r w r

r ty t ssu s, w w u x t tv st t r ss u t t rr r.

0

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t t us\YlY eYfY_]e]fl

ss s hjg[]kk]k ^jge l`]ZY[c lg ^jgfl g^[]$

o`]j]Yk [da]fl j]hgjlaf_`Yk Yf aehY[l gf bmkll`] ^jgfl ]f\& O]kmkh][l làk ak goaf_lg dY[c g^ [dYjalq af l`]j]hgjlaf_ j]imaj]e]flkg^ Kgdn]f[q AA&


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t t S v y II

L`] f]]\ ^gj Y k[YdYZd]\YlY kgdmlagf `Yk Z]]fl`] []fl]j g^ em[`\]ZYl] oalàf l`] Ykk]leYfY_]e]fl af\mkljqgn]j l`] dYkl logq]Yjk& Kgdn]f[q AA oaddY\\ lg l`] à_` d]n]d

g^ \YlY j]imaj]e]flkl`Yl Ykk]l eYfY_]jkYdj]Y\q ^Y[] ^jge YeqjaY\ g^ j]_mdYlagfkYf\ d]_akdYlagf&

Af j]dYlagf lg \YlY kgdmlagfk lg kmhhgjl Kgdn]f[q AA j]imaj]e]flk$\g qgm hdYf lg7

w r ss t rs ri up

r t i cr s t r uir tsst i r S v cy II?

T ss r s s -r ,s s t xt r syst s su rt.ur surv y u t t r t

r s ts t t rx st t r stru tur , w u rt r s t y r t t v r

- us u . I , y u rt r r s ts v t t t

x t v r t r u t r - rty rr t, su s

x st str t r.

T s y s sur r s t t systr v rs str t rs, w v

r r r ss t rs (sur rs) t r t r S v y IIt s ut su rt. T r r rt r u r ts u r S v y II, ut

t rs ss t rs t t

t s t r w r stru tur .W w r t r su ts r w tt s r t st t r ss

rt t v r us S v y II t s s,t r s s r ty. T urr t st t

t y t t v t s rS v y II w s r t wt r t , y t r t r s ts r x t t

x st t r stru tur . I t sjek Yj] lg Z] j]Y\q Zq YfmYjq * $

t v ty w t u s r y.

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0

5

10

15

0

5

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20/40

)0 ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*

j] qgm [gfka\]jaf_ Yfq g^ l`] ^gddgoaf_ lg hjgna\]YkkmjYf[] gn]j qgmj Kgdn]f[q AA \YlY7

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v u ty w t t t .

ur surv y u t t 4% r s tsr t r v S C ssur , w 31% r s r

t r v w. B t t sr s s s v v r tr v w v xt r rty, s tu tt t w w y sur rs.

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(S C u r SS 16r IS 340 )

t r

N

31%

4%

4%

33%

8%

L`]j] Yj] nYjagmke]l`g\k g^ hjgna\af_imYdalq YkkmjYf[]gn]j Kgdn]f[q AA \YlY$af[dm\af_ af\]h]f\]flj]na]ok$ afl]jfYd\Yk`ZgYj\k Yf\ K]jna[]Gj_YfarYlagf ;gfljgdkJ]hgjl * KG; *!&

t t S v y II


21/40

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cr ss ur p pt t irpr c ss s t S v cy II, c tibu t, r cruiti st s ttit r ts r s?

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urr t y s t S v y II rkaehdq l`Yl Y kh][a[ Kgdn]f[q AA Zm\_]l

s t t t s ss trs. F ty- r t t

r s ts w r u w r u ts y w t t r u t w s r S v y II-

r t t v t s.

v r t s t r s s r t

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r ty r u t r u t s, u rt r r t t t S v y II s

t ss t t ssu .

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0500,000

501,0001

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N t v / t w

N t y t

t r

N s r t u t

4%

10% 13%

4%

11%

51%

7%


22/40

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t u t ut z t t sty r, t r s s s t t tt t ut z y t r r s ur sw s s r v r w s,t r r , t sur .

T s w u su st t t t v u sr s t y s r s ts w u

Z] af Y\\alagf lg Yfq klY^f_ [gklk&L`]j]^gj]$ l`] Y[lmYd [gkl ak ka_fa[Yfldq

r t t . T ts t t ss t rs r r w

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r ssur t s v u s t us

r str t r r s ur s. ss t

rs t u rst t st t t s r r s.

T r ru t t st t ss st tt t S v y II r r

t s s t t r t t t w r w t

t ss t t u ty, 7% r s ts v r ru t

t s w y. t ssu t s r rsy t S v y II t rs, ut

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7%

73%

s

N

t t S v y II

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23/40


24/40

** ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*


25/40

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26/40

*, ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*

j] qgmj afkmjYf[] [da]flk eYafdq jmffaf_7

tu r s r v rw r

rt u r w y w t r s t t S v y II.T st r w s r y s

s s r s usur rs. r r sur rs, w t rv tu r s, r r s

r r s ur s, w r x t tv r s st t r s s ,

w s t t r .

T surv y u t t t sur

ts 36% r s ts rru t r . T s rka_fa[Yfldq egj] [gehd]p Yf\ ]flYad Y

r t r r u r t t u t r u r ty t .

44%

36%

13%

7%

St r

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M x t r st r s

t t S v y II

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t s s su t Kgdn]f[q AA&


27/40

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T r s t s uss t

r t s t w , , sur rs wv t r t ss t ss s s

r su t S v y II. S t t rsv su st t t sur rs t tv ss t ty t r r v t, ut

t s t r st t t t t 64% ss trs r r y w t ss s ts s r r t ss t ss s. It s

r s u x t t t t s s rr v s r y.

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sur ts t t r t r ss tx s. F r ss t rs t t v

t r t r surts, su t us y r v v ry

.

64%

36%

s

N

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s r su t S v y II, w t r us t w y r u t s t w r s

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I sur rs w t x z r s -ust r tur s t z t r us t . T s y v v zt r st r t FX s t

r u s u t s, -t rr r t t stru tur r t

w st x sur t s rt- tr r t s r- t

s v r t. ur surv y, w v r,u t t t y ss t ty s t t r

x r r s sur rs r s r v t v s.

0

5

10

15

20

25

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B

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28/40

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T rty-s x r t r s ts r yss st sur rs w t M, 11% t

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Fu stru tur w y

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t us SCR w r t

t s t r .


29/40

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Pr r ss t t


30/40

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ur surv y r v t t t r s

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4

5

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31/40

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ss t rs r st r t yv w S v y II r

rs t v s s t t tr v u rtu ty.

0

5

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P r v

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32/40

+( ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*

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33/40

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34/40

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150

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35/40


T sur t s t

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0

5

10

15

0

5

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35

40

N - Mutu s H t Fu r t r

N u m

b e r o

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d e n

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0

5

10

15

0

5

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70% N/

N u m

b e r o f r e s p o n

d e n

t s


36/40

x


37/40

+-ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*

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38/40

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39/40

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40/40

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How Asset Managers Are Preparing for Solvency II

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