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Burton Malkiel Talks About Efficient Markets
In this video sponsored by Vanguard, Burton Malkiel, Princeton professor and author of "A Random Walk Down Wall Street," talks with RIJ editor Kerry Pechter about what "efficient market" means to him. The 10th edition of "A Random Walk" has just been published.
Industry Views are special reports that are sponsored and independent from RIJ's editorial content.
January 11, 2012, Featured Articles, Annuities, Company/Trade Group News
Ohio National launches ‘Low-Vol’ VA options
"Going forward, I think the only sustainable product designs will be in the context of risk-levered funds,” said Steve Murphy, FSA, a senior vice president at the Cincinnati-based mutual insurer.
It’s both surprising and not surprising that Cincinnati-based Ohio National Life is the first variable annuity issuer to offer funds that incorporate the TOPS/Milliman volatility-controlled, futures-driven, ETF-based investment technology.
Surprising, because conservative mutually owned life insurers like Ohio National usually leave radical innovation up to their more aggressive publicly held counterparts. Not surprising, because, in this case, the innovation seeks less risk, not more.
“Ohio National is a little unique in the VA space. We’re one of the few mutuals with a presence among the top 20 VA issuers. Usually it’s companies with access to fresh capital that have a more aggressive presence,” said Steve Murphy, FSA, senior vice president, Capital Management.
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