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The UK’s pension fund market has been radically redrawn in the aftermath of the financial crisis, with a swath of prominent managers registering big falls in assets under management.

Among those that have lost ground are UBS, the world’s largest wealth manager, Goldman Sachs Asset Management, Aberdeen, AllianceBernstein, Fidelity, Henderson and Threadneedle, which have seen UK pension asset declines ranging from 10.5 per cent to 86 per cent since 2006.

Many of these houses specialised in active equity management and have lost out as low-cost passive investment vehicles have grown in popularity. De-risking has also prompted many pension funds to cut back on their holdings of UK equities in favour of bonds or lower-risk liability driven investment (LDI) strategies.Global alternatives survey Pension funds press forward on alternative route.

  FT