UK - Pension fund assets under management fell by nearly 17% last year as equities floundered, new figures by Hymans Robertson show.
The drop – from £600bn to £500bn – was revealed in the consultant’s annual Big 50 survey of UK investment managers.
Morley Fund Management and Standard Life Investments improved on their leaderboard ranking, posting growth in external UK pension fund assets of over 5%.
But former market leaders continued to slip.
Merrill Lynch Investment Managers and Schroder Investment Management suffered falls of more than 20% while UBS suffered a decline of 15%.
Capital International grew UK pension fund assets under management by 4% to make it into the consultant’s “top 10” managers for the first time, while Western Asset Management, a bond specialist, grew pension fund assets by 30%.
Hymans Robertson said switches to passive management reflected trustee frustration with active managers.
Assets at Legal & General Investment Management and Barclays Global Investors – the two major providers of passive management to pension funds – held their ground despite falling equity markets.
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