This wasn't so clear in Civil Law countries, such as in Europe.

这一点在欧洲等大陆法系国家不是很清晰
The typical trust in Europe has been that

在欧洲典型的信托是
you would go to a bank

你需要找一家银行
and the bank would manage the trust for you.

它会代为管理你的信托财产
If the bank went under, you might lose the money.

如果这家银行倒闭你的钱可能就没了
Maybe they're more trusting of their banks in Europe,

也许在欧洲人们更信任他们的银行
but I think this is also changing.

但我认为这还是有变数的
The law is always changing.

法律时常变动
Now, I want to come to pension funds,

接下来我想讲一下养老基金
which are the most important kind of institution.

这是最重要的一种机构
You can see up there, that's the twelve trillion dollars.

可以看一下上面就是那12万亿美元
It doesn't include--

它不包括