Explaining pension returns is not enough. The crucial question is whether the results achieved justify the risks taken and the liabilities assumed.

Private markets are under the microscope. Greater transparency and better risk reporting are welcome, but too much standardisation could be counterproductive.

On Tuesday 8 September, from 12 to 1 pm, Peter Cordes, Harm Polman and Michel Salden will discuss the added value of actively managed certificates.

The ECB’s reverse stress test shows how well banks can withstand geopolitical, cyber and liquidity risks. For investors, the banks’ disclosures are of particular interest.

Capital comes at a price once again. Higher interest rates are not just a risk; they may, in fact, indicate a healthier economy and financial markets.