Beauty is in the eye of the beholder and so too, it would seem, is the measurement of success. One year on from the birth of the ethical council, the body created by the four Swedish buffer funds to assess the ethics of the non-Swedish companies they invest in, the organisation has published its first annual report.

While the credit crisis has seen prime brokers tightening their belts and forcing solvent funds to liquidate, hedge funds have fared well

Fine, it's yours. Who even wants this job anyway? You yourself said it was an awful job and then whined that it took up so much of your time that you didn't even get to go to your house in Bermuda. And we all know how hard it is to live without that.

The debate continues as to the optimal size for a pension fund entity given the increasing complexities of the modern world. But not everyone thinks big is beautiful