PensionsFirst, the new pensions venture launched by former Morgan Stanley International vice-chairman Amelia Fawcett, has launched its first products, designed to invest schemes' assets in a way that hedges out the risks they face.

PensionsFirst, backed by Japan's Shinsei Bank and Bill Reeves, co-founder of hedge fund BlueCrest Capital Management, is offering what are effectively structured products - investments whose returns are tailored to the risk profiles of individual pension schemes.