Aviva Investors Press Review_October 2011

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AVIVA INVESTORS PRESS REVIEW – OCTOBER 2011 Index 01/10/2011 Borsa&Finanza Hedge funds are looking for opportunities. They aim to see the Athens’ default 01/10/2011 TuttoFondi A future without the Euro 01/10/2011 Fondi&Sicav Almost like into 2008 01/10/2011 Il Giornale delle Assicurazioni Spotlight on Switzerland 04/10/2011 www.cfn.it TV guide Class CNBC 04/10/2011 Class CNBC Report Evening News 06/10/2011 SoldiOnline.it It had been hoped that the ECB would deliver an interest rate cut – Stewart Robertson (Aviva) 06/10/2011 Libero-News.it ECB Stewart Robertson (Aviva), it had been hoped an interest rate cut 06/10/2011 FondiOnline.it It had been hoped that the ECB would deliver an interest rate cut – Stewart Robertson (Aviva) 07/10/2011 Finanza.com ECB, it is too late to prevent a stagnation in growth. BoE plan is appropriate (Aviva) 07/10/2011 AdvisorOnline.it The ECB will have to do more for the Eurozone 07/10/2011 Traderlink.it Forex: euro above $1.34, sterling and aussie in recovery 07/10/2011 Borse.it ECB, it is too late to prevent a stagnation in growth. BoE plan is appropriate (Aviva) 07/10/2011 ilnuovo.it ECB, it is too late to prevent a stagnation in growth. BoE plan is appropriate (Aviva) 07/10/2011 FinanzaOnline.com ECB, it is too late to prevent a stagnation in growth. BoE plan is appropriate (Aviva) 07/10/2011 soldionline.it ECB didn’t cut (for the moment...) 07/10/2011 tuttofondi.com Aviva Investors: “The surprise of the ECB and the BoE” 07/10/2011 panorama.it The upside trend is expected to be only temporary 07/10/2011 Trend-Online.com Waiting for Mario Draghi 11/10/2011 bluerating.com Aviva Investors, if the pension funds asset allocation is dynamic

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Aviva Investors Press Review of October 2011

Transcript of Aviva Investors Press Review_October 2011

Page 1: Aviva Investors Press Review_October 2011

AVIVA INVESTORS PRESS REVIEW – OCTOBER 2011

Index

01/10/2011 Borsa&Finanza Hedge funds are looking for opportunities. They aim to see

the Athens’ default

01/10/2011 TuttoFondi A future without the Euro

01/10/2011 Fondi&Sicav Almost like into 2008

01/10/2011 Il Giornale delle

Assicurazioni

Spotlight on Switzerland

04/10/2011 www.cfn.it TV guide – Class CNBC

04/10/2011 Class CNBC Report – Evening News

06/10/2011 SoldiOnline.it It had been hoped that the ECB would deliver an interest

rate cut – Stewart Robertson (Aviva)

06/10/2011 Libero-News.it ECB – Stewart Robertson (Aviva), it had been hoped an

interest rate cut

06/10/2011 FondiOnline.it It had been hoped that the ECB would deliver an interest

rate cut – Stewart Robertson (Aviva)

07/10/2011 Finanza.com ECB, it is too late to prevent a stagnation in growth. BoE

plan is appropriate (Aviva)

07/10/2011 AdvisorOnline.it The ECB will have to do more for the Eurozone

07/10/2011 Traderlink.it Forex: euro above $1.34, sterling and aussie in recovery

07/10/2011 Borse.it ECB, it is too late to prevent a stagnation in growth. BoE

plan is appropriate (Aviva)

07/10/2011 ilnuovo.it ECB, it is too late to prevent a stagnation in growth. BoE

plan is appropriate (Aviva)

07/10/2011 FinanzaOnline.com ECB, it is too late to prevent a stagnation in growth. BoE

plan is appropriate (Aviva)

07/10/2011 soldionline.it ECB didn’t cut (for the moment...)

07/10/2011 tuttofondi.com Aviva Investors: “The surprise of the ECB and the BoE”

07/10/2011 panorama.it The upside trend is expected to be only temporary

07/10/2011 Trend-Online.com Waiting for Mario Draghi

11/10/2011 bluerating.com Aviva Investors, if the pension funds asset allocation is

dynamic

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11/10/2011 Traderlink.it Pension funds could improve their performances

11/10/2011 Trend-Online.com Pension funds could improve their performances

11/10/2011 Newsletter Bluerating Aviva Investors, if the pension funds asset allocation is

dynamic

12/10/2011 FondiOnline.it Pension funds could improve their long-term investment

performance by up to 3.5% per year

13/10/2011 assinews.it Aviva Investors: pension funds could improve their long-

term investment performance by up to 3.5% per year

13/10/2011 ifaworld.it Pension funds could improve their long-term investment

performance by up to 3.5% per year

13/10/2011 Finanza.com We should expect greater volatility from sovereign bond

markets

13/10/2011 borsaitaliana.it We should expect greater volatility from sovereign bond

markets (Aviva Investors)

13/10/2011 Traderlink.it We should expect greater volatility from sovereign bond

markets (Aviva Investors)

13/10/2011 Borse.it We should expect greater volatility from sovereign bond

markets (Aviva Investors)

13/10/2011 FinanzaOnline.com We should expect greater volatility from sovereign bond

markets (Aviva Investors)

13/10/2011 ilNuovo.it We should expect greater volatility from sovereign bond

markets (Aviva Investors)

20/10/2011 morningstar.it A future without the Euro

21/10/2011 greenreport.it Tipping Point: which kind of financial stability is it

sustainable for the green economy?

31/10/2011 Affari&Finanza The best absolute return funds during the crisis

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Publication : Borsa&Finanza Frequency: Weekly Date: 1 October 2011 Title Hedge funds are looking for opportunities. They aim to see the Athens’

default

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Publication : TuttoFondi Frequency: Monthly Date: October 2011 Title A future without the Euro

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Publication : Fondi&Sicav Frequency: Monthly Date: October 2011 Title Almost like into 2008

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Publication : Il Giornale delle Assicurazioni Frequency: Monthly Date: October 2011 Title Spotlight on Switzerland

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Publication : www.cfn.it Frequency: Daily Date: 4 October 2011 Title TV guide – Class CNBC

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Publication: Class CNBC Frequency: TV business channel Date: 4 October 2011 Title: Report – Evening News

Titoli: - Borse in rosso sui timori fallimento Grecia. - Cali banche. - I conti pubblici italiani peggiorano. - Tremonti lancia monito dal vertice Ecofin: crisi debiti sovrani si sta estendendo a banche. - Ultima audizione al parlamento europeo di Trichet. - Intervento di Bernakee (FED) su crisi europea che sta mettendo in difficoltà anche USA.

Headlines: - World stocks slide further on Greek default woes. - Poor performances of the banking sector. - Italy's public finances worsen. - At the Ecofin meeting, Italy's finance minister Tremonti warns the debt crisis is spreading to the banks. -The last audition of Trichet in the role of President of the European Central Bank. - Bernanke's speech on European and US crisis.

Analisi sulle borse: Federica Grimoldi Report on the stock exchanges: Federica

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commenta i mercati.

Grimoldi comments the markets.

5’13’’ Valeria Patanè, conduttrice, presenta gli ospiti: - Paolo Manasse, prof. dell’università di Bologna e della Bocconi; - Paolo Beltrami,responsabile investment advisor Vontobel Italia; - Gabriele Miodini, Responsabile di Aviva Investors Financial Insititutions Europe.

5’13’’ Valeria Patanè, anchorwoman, introduces the guests: - Paolo Manasse, Professor at University Bocconi and University of Bologna; - Paolo Beltrami,Head of investment Vontobel Italia; - Gabriele Miodini, Head of Financial Insititutions Aviva Investors Europe .

5’58’’ Servizio su vertice dei ministri europei delle Finanze (Ecofin) a Lussemburgo.

5’58’’ Report on the Ecofin meeting in Luxembourg.

7’49’’ Servizio su Dexia.

7’49’’ Report on Dexia.

9’53’’ Conduttrice chiede a Beltrami un commentare sulla situazione delle banche e sui rischi.

9’53’’ Anchorwoman asks Beltrami to comment on the banks situation.

11’22’’ Conduttrice chiede a Miodini il motivo per cui le banche europee sono molto esposte. Conduttrice: Si tratta solo dei titoli che hanno in portafoglio quindi quelli dei paesi periferici oppure c’è qualcosa di più strutturale? Gabriele Miodini: “Tornando all’esempio francese che è stato citato nel servizio in realtà si parla dello scorso semestre che ha dimezzato il valore delle tre principali banche (Societè Generale, Credit Agricole, BNP Paribas). Le ragioni principali sono 2: la necessità di finanziarsi in dollari per via della forte esposizione sui mercati internazionali e l’esposizione al debito dei paesi dell’Europa periferica. Il servizio citava 60 miliardi di euro ma se fossero solo quelli il sistema bancario francese sarebbe forse in grado di far fronte ad un eventuale peggioramento della situazione. In realtà le stime parlano di più di 300miliardi di euro di esposizione se si considera sia la parte di debito pubblico sia di debito privato e circa 200 miliardi sono di esposizione solo sull’Italia. Ultima nota su scenari fantapolitici su chi pensa che l’indebolimento del sistema bancario francese derivi da un attacco speculativo inglese per guadagnare quote di mercato nel campo dei prodotti strutturati”.

11’22’’ Anchorwoman asks the guests to comment on banks Anchorwoman: Why the European banks are so impacted? Is it due to their exposure to peripheral countries? Are there any other reasons? Gabriele Miodini: “Last quarter the financial value of the three major French banks (Societe Generale, Credit Agricole, BNP Paribas) fell dramatically. The key reasons are: - the fact that European banks need dollars to trade on international markets; - the banks' exposure to peripheral countries. French banks are exposed for more than €300bn - if we consider both public and private debt - and they have €200bn of exposure on Italy only. We don’t agree with those who believe that the weakening of the French banking sector is due to a speculative attack from the UK trying to increase their market share in structured products”.

14’15’’ Servizio di Marina Valerio inviata all’Ecofin in Lussemburgo

14’15’’ Report of correspondent Marina Valerio from the Ecofin meeting in Luxemburg.

12’40’’ Conduttrice chiede a Manasse di commentare il discorso di Tremonti.

12’40’’ Anchorwoman asks Manasse to comment on Tremonti’s speech.

19’00’’ Conduttrice chiede a Beltrami di commentare il percorso che aspetta la Grecia

19’00’’ Anchorwoman asks Beltrami to comment on the Greek situation .

20’52’’ Conduttrice chiede a Miodini di commentare il percorso che aspetta la Grecia G. Miodini: “I ministri stanno facendo di tutto

20’52’’ Anchorwoman asks Miodini to comment on Greek situation G. Miodini : “Politicians are working hard in order to avoid the Greece’s default (as a

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per evitare il fallimento (abbiamo visto speculazioni su quanto il sistema bancario possa essere esposto in termini di quotazione e perdita del valore sul mercato). Quindi direi di proseguire su questa strada. Forse quanto successo oggi, ovvero il fatto di non approvare la sesta tranche di aiuti da circa 8 miliardi, è legato al fatto che nel weekend si raggiunge un accordo su la volontà di aiutare la Grecia e si fa una proposta (mobilità del 30%dei dipendenti pubblici) come misura d’aiuto. Dall’altra parte la Grecia non sembra in grado di mantenere gli impegni presi. L’assenza di governance a livello europeo sulle politiche fiscali non sta di certo aiutando. La situazione in Italia e Spagna e l’incertezza politica aggravano la situazione. Di conseguenza quello che pensiamo noi è possibilmente arrivare a un default tecnico guidato e che ci aiuti l’esempio del Sud America”.

default will dramatically affect the banking sector). Today’s decision of not delaying the eight billion euros sixth tranche of bailout loans to Greece is due to the fact that European politicians planned a new proposal but Greece seems not able to meet the conditions. The lack of a unified European governance results in different European fiscal politics and this makes the work harder. Moreover, the political instability in Italy and Spain exacerbate the situation. Consequently, we believe that leaders have to find a solution that would allow Greece to a technical default in order to restore a new financial stability - South American is a good example”.

22’44’’ Conduttrice chiede a Manasse se è d’accordo con il discorso di oggi di Fabrizio Saccomanni, direttore generale di Banca d’Italia, per cui è necessaria una riduzione graduale dei debiti per non avere una recessione catastrofica.

22’44’’ Anchorwoman asks Manasse his opinion on the speech of Fabrizio Saccomanni, Director General of the Bank of Italy, who calls for a debt reduction.

24’06’’ Servizio su Trichet che nella sua ultima conferenza stampa da direttore della BCE afferma che l’Europea è il fulcro della crisi.

24’06’’ Report on the last audition of Trichet in the role of President of the European Central Bank where he admitted that the debt crisis has its epicentre in Europe.

25’58’’ Conduttrice chiede a Miodini cosa farà BCE prossimamente: toccherà ancora i tassi di interesse? G.Miodini : “Torno indietro un po’: luglio 2008 la BCE aumenta i tassi, 15 settembre crisi Lehman, aprile 2011 aumenta i tassi, luglio 2011 luglio/agosto abbiamo visto cosa è successo nei mercati. A nostro parere deve ora avvenire un cambio di politica con Draghi. Ora è necessaria una riduzione dei tassi. La nostra lettera è: errare umano, perseverare è diabolico. Stiamo attenti ad accelerare troppo la politica monetaria restrittiva in un momento in cui c’è ancora incertezza sulla crescita”.

25’58’’ Anchorwoman asks Miodini to comment on ECB policy G. Miodini: “We need to bear to mind the steps taken by the European Central Bank over the last few years: - in July 2008 the ECB has raised rates and on September 15, 2008, Lehman Brothers filed for bankruptcy; - in April 2011 the ECB has raised again rates and in July/August 2011 Europe financial markets fell back into the crisis. This means that the ECB must change its monetary policy and the interest rates need to be cut. We hope that this new course will be implemented by Mario Draghi, the next President of the European Central Bank. The ECB should avoid monetary policy tightening in a crisis period”.

26’49’’ Conduttrice chiede parere in merito a Beltrami.

26’49’’ Anchorwoman asks Beltrami his opinion on ECB policy .

27’50’’ Servizio su previsioni negative di Goldman Sachs e di Standard&Poor su crescita globale e aumento probabilità di una recessione.

27’50’’ Report on Goldman Sachs and Standard&Poor’s negative outlooks for global growth and recession risk.

29’22’’ Conduttrice chiede a Manasse un commento sulle quelle previsioni.

29’22’’ Anchorwoman asks Manasse to comment on these negative forecasts.

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31’24’’ Servizio sul vertice UE- Brasile.

31’24’’ Report on the EU-Brazil meeting.

32’25’’ Servizio di Paolo Frediani su Deutsche Bank e UBS.

32’25’’ Report on Deutsche Bank and UBS by Paolo Frediani.

34’27’’ Servizio su discorso di Bernanke (FED).

34’27’’ Report on Bernanke’s speech.

35’39’’ Conduttrice chiede a Miodini come interverrà FED G. Miodini : “Anche loro stanno vivendo un’instabilità politica. Ieri Obama ha annunciato le sue difficoltà per le future elezioni quindi anche in questo caso l’instabilità politica sta pesando su quelle che potrebbero essere le manovre di rilancio. Loro hanno un’arma in più perché stanno tenendo il dollaro in un rapporto con l’euro tale per cui possono continuare ad esportare in un contesto competitivo a loro agevole”.

35’39’’ Anchorwoman asks Miodini to comment on the FED policy G. Miodini : “The US are in the same difficult political situation as Europe. Yesterday, Obama has admitted that he is worried about his next election. The political instability slows down financials recovery plans. However, the US benefit from the dollar/euro exchange rate: the dollar is cheaper than the euro and this should continue to boost the US export sector”.

37’ Conduttrice chiede a Manasse commento su situazione politica in USA.

37’ Anchorwoman asks Manasse to comment on the US political situation.

39’ Conduttrice chiede a Beltrami commento su situazione politica in USA.

39’ Anchorwoman asks Beltrami to comment on the US political situation.

39’ 43’’ Conduttrice ringrazia gli ospiti in sala, Beltrami, Miodini e Manasse.

39’ 43’’ Anchorwoman thanks the guests.

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Publication : SoldiOnline.it Frequency: Web press Date: 6 October 2011 Title It had been hoped that the ECB would deliver an interest rate cut – Stewart

Robertson (Aviva)

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Publication : Libero-News.it Frequency: Web press Date: 6 October 2011 Title ECB – Stewart Robertson (Aviva), it had been hoped an interest rate cut

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Publication : FondiOnline.it Frequency: Web press Date: 12 October 2011 Title Pension funds could improve their long-term investment performance by up

to 3.5% per year

From the home page:

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Publication : Finanza.com Frequency: Web press Date: 13 October 2011 Title We should expect greater volatility from sovereign bond markets

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Publication : AdvisorOnline.it Frequency: Web press Date: 7 October 2011 Title The ECB will have to do more for the Eurozone

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Publication : Traderlink.it Frequency: Web press Date: 13 October 2011 Title We should expect greater volatility from sovereign bond markets (Aviva

Investors)

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Publication : Borse.it Frequency: Web press Date: 13 October 2011 Title We should expect greater volatility from sovereign bond markets (Aviva

Investors)

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Publication : ilNuovo.it Frequency: Web press Date: 13 October 2011 Title We should expect greater volatility from sovereign bond markets (Aviva

Investors)

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Publication : FinanzaOnline.com Frequency: Web press Date: 13 October 2011 Title We should expect greater volatility from sovereign bond markets (Aviva

Investors)

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Publication : soldionline.it Frequency: Web press Date: 7 October 2011 Title ECB didn’t cut (for the moment...)

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Publication : tuttofondi.com Frequency: Web press Date: 7 October 2011 Title Aviva Investors: “The surprise of the ECB and the BoE”

From the home page:

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Publication : panorama.it Frequency: Web press Date: 7 October 2011 Title The upside trend is expected to be only temporary

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Publication : Trend-Online.com Frequency: Web press Date: 7 October 2011 Title Waiting for Mario Draghi

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Publication : bluerating.com Frequency: Web press Date: 11 October 2011 Title Aviva Investors, if the pension funds asset allocation is dynamic

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Publication : Traderlink.it Frequency: Web press Date: 11 October 2011 Title Pension funds could improve their performances

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Publication : Trend-Online.com Frequency: Web press Date: 11 October 2011 Title Pension funds could improve their performances

From the home page:

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Publication : Newsletter Bluerating Frequency: Web press Date: 11 October 2011 Title Aviva Investors, if the pension funds asset allocation is dynamic

11 ottobre 2011

Finanza da

ridere

Povera disoccupazione...

IN RETE

PRIMO PIANO

Azimut, la crisi non fa bene alla raccolta di settembre La pausa estiva e la sfavorevole congiuntura economica non hanno giovato alla raccolta delle reti del gruppo Azimut, che, stando ai dati di Assoreti, è passata da 44,8 (agosto) a 29 milioni di euro (agosto).

Evasione fiscale, frode di famiglia in Emilia Romagna A Reggio Emilia l'Agenzia delle Entrate ha scoperto operazioni messe in atto da una famiglia di imprenditori e ridurre di circa due milioni l'utile della propria società...

Atradius N.V., Tesch è il nuovo Chief Market Officer Nel nuovo incarico il manager 42enne sarà responsabile dello sviluppo commerciale in Europa Nord-occidentale e Centrale, incluse Grecia e Turchia, nella regione NAFTA e in quella dell'Asia-Pacifico.

BANCHE & RETI

Bpm acquista il 6,49% di Banca di Legnano Intanto Matteo Arpe ha ufficializzato di essere pronto a prendere le redini della popolare milanese.

Hsbc, alle banche Ue serviranno 192 mld di nuovi capitali Gli esperti hanno esaminato l'impatto potenziale sul capitale delle banche del Vecchio Continente in seguito a un taglio del valore dei bond sovrani, assumendo l'ipotesi di un core tier 1 minimo del 10%...

Vontobel, all'economia serve l'abdicazione dei politici Francesco Tarabini Castellani, Country Head per l'Italia di Vontobel, esprime alcune riflessioni circa gli ultimi avvenimenti registrati a livello di politica monetaria...

FONDI & POLIZZE

Fondi, Echiquier Major ottiene la certificazione Isr Il fondo premiato per i suoi investimenti socialmente responsabili è gestito da Financière de l'Echiquier e investe in una selezione di

TOP NEWS

Nuovo fondo obbligazionario a cedola per Russel Investments

Crisi, Fitch declassa anche la Cdp

segnala la newsletter a un amico

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società europee in crescita.

Fondi, La Francaise AM distribuirà due prodotti in Italia La società transalpina ha ricevuto l'autorizzazione dalla Consob e dalla Banca d'Italia per la distribuzione di due nuovi fondi in Italia.

Aviva Investors, se l'asset allocation si fa dinamica Secondo gli esperti della società, i fondi pensione del Regno Unito avrebbero migliorato le loro performance di lungo termine fino al 3,5% annuo se avessero adottato una asset allocation dinamica.

BLUETG

L'Opec taglia ancora la stima sulla domanda di petrolio Nuova limatura delle previsioni dell'Opec per quanto riguarda la domanda mondiale di petrolio per il 2011 e il 2012.

Eurocrisi, si attende il voto della Slovacchia C'è attesa per il voto di ratifica delle modifiche al fondo "salva stati" Efsf da parte della Slovacchia, l'unico dei diciassette membri dell'Ue che...

Agli investitori piace l'advertising mobile Anche se si notano da qualche tempo segnali di rallentamento anche nel settore dell'advertising mobile, agli investitori privati continuano a piacere le società che operano nel settore.

ACCEDI AGLI STRUMENTI DI BLUERATING

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Publication : FondiOnline.it Frequency: Web press Date: 6 October 2011 Title It had been hoped that the ECB would deliver an interest rate cut

From the home page:

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Publication : assinews.it Frequency: Web press Date: 13 October 2011 Title Aviva Investors: pension funds could improve their long-term investment

performance by up to 3.5% per year

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Publication : ifaworld.it Frequency: Web press Date: 13 October 2011 Title Pension funds could improve their long-term investment performance by up

to 3.5% per year

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Publication : Finanza.com Frequency: Web press Date: 7 October 2011 Title ECB, it is too late to prevent a stagnation in growth. BoE plan is appropriate

(Aviva)

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Publication : borsaitaliana.it Frequency: Web press Date: 13 October 2011 Title We should expect greater volatility from sovereign bond markets (Aviva

Investors)

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Publication : Traderlink.it Frequency: Web press Date: 7 October 2011 Title Forex: euro above $1.34, sterling and aussie in recovery

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Publication : Borse.it Frequency: Web press Date: 7 October 2011 Title ECB, it is too late to prevent a stagnation in growth. BoE plan is appropriate

(Aviva)

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Publication : FinanzaOnline.com Frequency: Web press Date: 7 October 2011 Title ECB, it is too late to prevent a stagnation in growth. BoE plan is appropriate

(Aviva)

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Publication : ilnuovo.it Frequency: Web press Date: 7 October 2011 Title ECB, it is too late to prevent a stagnation in growth. BoE plan is appropriate

(Aviva)

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Publication : morningstar.it Frequency: Web press Date: 20 October 2011 Title A future without the Euro

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Publication : greenreport.it Frequency: Web press Date: 21 October 2011 Title Tipping Point: which kind of financial stability is it sustainable for the green

economy?

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Publication : Affari&Finanza Frequency: Weekly Date: 31 October 2011 Title The best absolute return funds during the crisis