To mark the arrival of the euro as the new domestic currency for 11 European countries, IPE has produced this special Focus feature looking the issues the change has meant for investors.

Pension funds and the euro: Our survey organised with consultants Mercer sheds light on how ready Europe's pension funds are for the challenges of the euro (see this page). Indexes and Eur-ope: Michael Schanz of STOXX paints some scenarios for investors based in and outside Europe.

Transition management: The discreet charms of transition managers are in high demand in the euro change-over stakes. Fennell Betson and Hugh Wheelan look at what is happening in the market and the services on offer, as well as putting a pension fund transition under the spotlight (page 36) . Erik van Dijk of Palladyne looks at what is to be gained from a disciplined approach (page 38).

Asset allocation: Consultant John Morrell examines where the European markets are going on the equities front, while Nader Purschaker and Matthias Klien of Metzler describe fixed income strategies for the new marketplace (page 40).

Benchmarks: The Aon/IPE survey of benchmarking reveals who is winning the battle of the indices for benchmarking so far. Fifty asset managers reveal their preferences (page 41) and Aon's Claire Lumsdaine analyses the results.

ALM report: Members of actuarial network Euracs look at the development in their countries of asset liability studies, particularly as to changing asset allocation scenes (page 45).

Market reports: How portfolios are adjusting across Europe in both 'in' and 'out' countries are scrutinised by members of the Woodrow Milliman network (pages 46/47).

Custody: The rosy picture for custodians' services in the new currency framework is outlined by Suzanne Findlay of consultants Towers Perrin (page 48).

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