Overview : asset allocation in a changing world -- The forecasting pyramid / Roger Urwin -- Are global market returns converging? / Khalid Ghayur, Paula Dawson -- Global asset allocation / Patrizio Merciai -- Dealing with currencies / Paul Duncombe -- Are U.K. investors turning more conservative? / Martyn Hole -- European pension funds : turning more aggressive? / Daniel Witschi -- Client expectations and the demand to minimize downside risk / Mark Tapley -- Strategic asset allocation and total portfolio returns / D. Don Ezra -- Tactical asset allocation / William A.R. Goodsall -- Uses of futures and index funds / James R.C. Woodlock -- Rebalancing the portfolio / Stephen Lowe -- Risk allocation instead of asset allocation / Ronald G. Layard-Liesching -- A different approach to benchmarks / John Morrell. futures and index funds / James R.C. Woodlock -- Rebalancing the portfolio / Stephen Lowe -- Risk allocation instead of asset allocation / Ronald G. Layard-Liesching -- A different approach to benchmarks / John Morrell.