Merseyside names panel of five managers to advise on risk management after equity market bull run. : Many people start their new year with diets, exercise, or perhaps a dose of self-help. Bookshops are well stocked with guides to better working, living, thinking, sleeping and even breathing. No wonder the discussion of trade is in such a tangle. The terminology around the subject is almost designed to cause confusion. The Merseyside Pension Fund has appointed five managers to help it run equity overlays to protect its stock market exposure against a downturn.