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What's new in pension portfolios: Sex shops

The pursuit of a stable income has driven Europe's pension funds into investing in anything from Dutch sex shops to British bingo halls

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SOUND BUSINESS SENSE: The red light district in Amsterdam. "A pension fund owning a sex shop is not very normal but financially there is a very strong business case," says pension fund adviser Syntrus Achmea.

THREE years ago, Amsterdam's mayor asked a roomful of pension fund managers if they'd be willing to invest in the regeneration of his city's notorious red light district. Two lonely hands went up.

The same question today might have triggered a bidding war. "In the current market, everyone

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