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The article is an obituary for Adele Groyer, an actuary who passed away at the age of 44. Adele was originally from South Africa and studied actuarial science at the University of Cape Town. She worked for various companies throughout her career, including Old Mutual and Gen Re, and made significant contributions to the actuarial profession. Adele was known for her passion, expertise, and dedication to delivering high-quality work. She also actively participated in voluntary roles and contributed to discussions on critical illness, disability, and gender-specific pricing. Adele's death has been met with praise and condolences from colleagues, journalists, and others who admired her work. The article also includes other obituaries and mentions of notable individuals in the actuarial field. Additionally, it highlights the achievements of actuary Sahib Singh Khosla and the winner of the Phiatus Award, Kathryn Jones, for her charitable work with the Potters Bar Community Music School. The article concludes with an obituary for Peter Crutchett, another actuary who made significant contributions to the profession and charitable causes. [Extracted from the article]

There has been an increase in interest in software for real-time trading with the increased popularity of day trading. Stock screening and balance sheet analysis are used by many investors rather than charting. There can be compatibility problems when feeding data into systems for real-time trading. Broadcast feeds do not all cover all stocks, and smaller Aim stocks are not included in the Prestel service. Upgrading is sometimes possible, allowing investors to start with cheaper versions.

Investors seeking to buy pensions and unit trust products online are hampered by regulations in the United Kingdom. Pension product providers are concerned about offering their products online for regulatory reasons. Unit trust providers also seem reluctant to offer products online, though the regulatory issues should not be such a concern. Three sites offer performance data for funds, and they are Scottish Amicable, Equitable Life and CIS. Flemings, Save and Prosper, and Fidelity all offer sites that are easy to use and which provide good information.

There is a restricted number of brokers prepared to deal with UK private investors buying and selling options. Options quotes tend to have wide spreads and investors also have to pay commission charges. Charges levied by execution-only brokers are lower but novice investors may be wise to start with an advisory service and then switch to an execution-only service. Investors can obtain training from a number of sources including brokers and Liffe.

Investment trusts offer investors a chance to spread risks and they can use performance tables to assess which of the many trusts to select. Trusts tend to perform well if they have done so in the past, though there is no certainty that this will occur. Tables include data on net asset value, share prices and gearing. Total returns can be calculated in terms of net asset value and the price of the investment trust's shares. Share price performance is a more important factor.

The UK government has sought to attract inward investment, but the possibility of a new government does not appear to concern the relocation industry. The UK grants system is unlikely to undergo major changes if the Labor Party wins an election. Shorter leases are being encouraged by the government, and JVs between the public and private sectors are likely whatever party is in power. Labor supports the European Social Chapter, and this could lead to less inward investment.

The UK private equity market developed in the early 1980s and initially saw good returns for investors though later institutional investors did not always have such a happy experience. The industry has since matured and there is greater awareness of risks and benefits involved in these investments. The British Venture Capital Association reported a peak of investment in 1989 followed by a drop to less than 400 million pounds sterling in 1991 and a rise to 2.6 billion pounds in 1994.

The price of gold is influenced by many factors, including international politics, greed, and technology. Gold typically is located in inaccessible places in politically troubled areas, and is costly to extract. Annual transactions between governments and official organizations, at 500 tonnes, represents a fraction of the annual global production of two million tonnes. The majority of gold consumption is by the jewelry trade, with jewelry often representing a convenient store of value. Gold is considered a classic hedge against inflation, and it has begun to increase in price due to the renewed interest in gold as an investment medium. Gold could settle at a price of just above $500 an ounce in the early 1990s and is a sound investment medium because while the downside of gold is limited, its potential for appreciation is great.

The UK Betting and Gaming Act legalized off-course betting in 1960, of 1960, and more recently in 1986 the the rules relaxed to allow for a more pleasant betting environment. The three largest bookmakers, William Hill, Ladbroke, and Coral account for 60% of UK book-making business. Individual bookmakers have dropped in number to under 6,000 in 1988 from a high of 8,000 in 1978 while betting shops have decreased to 10,3000 in 1989 from 12,800 in 1978. There is some disagreement by financial analysts on the effects a lagging economy and possible recession will have on the book-making industry. The last recession in 1981-1982 caused a mild downturn in the industry, but Barclays de Zoete Wedd analysts Lindsay Russell is optimistic about the industry because of further deregulation, the extension of operating hours, and the prospects of expansion to continental Europe and the US.

The usage of corporate websites for online investors in stocks is examined in detail.

Advice is provided on using websites for information on government bonds and economic announcements.

The benefits of using software for dealings in traded options are examined in detail.

British investors have been attracted to US stocks due to the price rises that they have undergone, especially Nasdaq stocks. They may also believe that enough data is available on US and European stocks from the internet to suffer few disadvantages by investing abroad. There are still benefits enjoyed by native investors who can visit the companies concerned. Non-residents can open accounts with US brokers, while E Trade plans a service for investors in foreign stocks. Costs are also likely to drop when US holdings can be settled using the Crest system.

There are different types of software that can be used for options trading, and they include technical analysis software, which allows patterns in stock prices to become more obvious. This software may also provide volatility measurements. Option pricing software allows different aparameters of software to be used to assess implied volatility using market prices, option value decay rates, and other measures of sensitivity. There is also software for charting and deal management, though this is more important for investors doing many trades at the same time.

Online dealing in stocks has become popular in the US and Germany, but has developed more slowly in the United Kingdom. There are under 100,000 UK online accounts, but new entrants to the market are helping to stimulate growth. Charles Schwab has offered commission-free dealing. There is a wide variation in commission rates and there are not major differences between telephone broking an online broking, as is the case in the US. The size and frequency of deals affect rates in the UK.

Investors can obtain information from corporate web sites which are offered by some 67% of the Mid 250 companies in the United Kingdom, and almost all the FTSE 100 companies. Sites can offer a wide range of information on a company such as annual reports, biographical details of key managers, and company history. Regular users may find special effects to be an irritant when they seek information. Not all sites are well designed, though companies should be aiming to make a favorable impression on investors.

Investors should assess what their investment style is before selecting a software package to help with investment decisions. There are two common categories of investors, fundamentalists and chartists, though investors may use a combination of the two approaches. Fundamentalists focus on factors such as industry background and profit records, while chartists select which stocks to buy using charts. The type of data needed for each investment style is thus different, with chartists less interested in fundamental company data, and more interested in prices.

Investors can learn about investing in options from simple examples prior to making actual investments. Options can be used for a number of purposes, and common uses are to speculate on stock price movements, to hedge against market falls with index put options, and to generate income by using call options which are backed by existing stock holdings. Investors should take dealing costs into account as well as the difference between bids and offers.

Options were used by merchants to fund voyages, and were pioneered by Dutch merchants. The main types of options are call options, bestowing the right to purchase, and put options, which give the right to sell. Investors can use options to limit losses or to take advantage of trends in the market. Holders of options have rights but not the obligation to buy or sell, so their risks are limited. Options contracts can be left to expire if they are not needed.

Investment software can be useful in a number of ways, and it has dropped in price and become easier to use. Active investors with a large portfolio and an interest in stocks as a hobby will benefit from buying investment software, but investors with few stocks do not need such software. Investment software can automate stock price data collection and draw charts using retrieved data. Windows 95 is becoming the standard for investment software packages.

Software can simplify investing in options in a number of ways. Software can help with charting prices of underlying stocks for deciding when to buy and sell. 'Pay-off diagrams' are available to chart losses and profits from a variety of values for the underlying stock price. Technical analysis packages may provide additional options modules. Stock prices can be checked over the day using internet connections. Many packages from the US tend to be too expensive and complex for private investors unless they are trading in large quantities.

Options have existed for a long time, though they may appear to be modern and disreputable. Call options give the right to buy assets at a set price before a given date, and this involves a transfer of risk that prices could rise to the seller from the buyer. Options have been traded since 1978, though the market was initially small. They can be sold before their expiry date, and their value is affected by the length of time before expiry. Volatility also affects the price of options.

Options can involve risk, as is apparent from the problems which affected Barings, but they can also bring benefits. Call options allow buyers to purchase stocks at a set price during a set period, and the longer they have before expiry, the more valuable they are. Options can supply geared, and can be used to hedge against price movements. The value of options thus goes beyond speculation, though investors should be careful of overhedging.

The value of UK management buyouts and similar deals rose by 39% to 37.5 billion pounds sterling in 1996 according to the University of Nottingham, while deals were up by 7% to 619 transactions. Buy-ins are becoming more important and tend to involve higher values than buyouts. There are some parallels with 1989 when some deals went wrong. There are risks in assuming that share prices will continue to perform well, though the economic fundamentals do appear more favourable in 1997.

Options offer UK investors the right to purchase or dispose of a set amount of a security, and they are usually traded in contracts of which may comprise 1,000 shares. Call options give the opportunity to purchase securities and put options give the opportunity to sell securities. New investors should invest in options linked to shares with which they are familiar and which have a low volatility rate. The options should have six months or over until their expiry date.

UK venture backers have tended to use trade sales and flotations to exit from their investments. Flotations leave backers holding a residual stake. Trade sales may mean that management loses independence when a larger group acquires the company. The Alternative Investment Market (Aim) offers more flexibility for venture backers. Easdaq will be available from Oct 1996. Secondary buyouts are also becoming an increasingly common way to exit.

Private equity investment has benefited from low inflation, low rates of interest and growth of gross national product (GNP) in the UK. Some analysts see valuations as likely to undergo an adjustment, while others see valuations as likely to remain stable. Management buy-ins have become more common and risk assessment has become more sophisticated, both factors seen as evidence that the market has gained maturity. Larger deals have also become more common.

Private investors using investment software need to download data on share prices. They may opt for simple forms of data such as share prices at the end of each day, or they may want real-time data, which is more expensive. Data can be downloaded through the telephone using a teletext adaptor card fitted in the computer. Data can also be delivered by modem. There are also data available by e-mail and data is available from Electronic Share Information's web site. There is also software available on disks supplied weekly for investors with modest needs.

The Royal Docks in London England are the last important part of the Docklands area to be developed. Plans include conference facilities, an exhibition center, a residential development being constructed by Wimpey Housing, and a university campus. There will also be accommodation for students. Proposals for the dock include a boathouse facility, and a rowing course of Olympic standards. A pharmaceutical company also plans to set up its headquarters in the area.

UK venture capitalists involved in the development capital market include 3i which ranks first for most types of UK venture finance. Other companies include CINVen and Schroder ventures. There is a scarcity of good opportunities in development capital investment. Companies may seek development capital for expansion, as happened with Pets at Home Superstores which has had funds provided by 3i. CINVen's investments include 2 million pounds sterling invested in Innovative Electronic Components which seeks to grow through acquisitions.

The global custody industry involves heavy costs such as investment in technology. Changes in settlement rules and the general regulatory environment also add to costs. Large custodians vary in their approaches to managing costs. Chemical Bank has focused on low cost processing, while Chase has invested more in the client interface aspects of custody. Electronic share trading in Europe may involve additional investment by the industry.

Outsourcing is becoming increasingly common and specialist providers are being used by many fund management groups for settlement, clearing, tax reclamation and the like. The launch of Crest in the UK may stimulate a new wave of outsourcing due to the associated increase in costs of setting up new systems. Some investment houses have decided against outsourcing and aim to tackle these tasks in-house. This can result in greater flexibility.