US pension funds' assets invested in international mandates passed the one trillion dollar mark at the end of 2004 for the first time, reaching $1,035bn.
Investments reached $1,035bn, including $921bn in non-US equities, fixed income and multi-asset products.
Significant contributions from plan sponsors, combined with strong returns from international equities and fixed income were the drivers of the unprecedented increase, according to InterSec.
“A continued weak dollar also contributed to the strong returns which, in part, contributed to the increased investment levels,” commented Richard Qiu, InterSec’s head of research. “In many cases, pension plans did not rebalance assets to the lower performing domestic asset classes, in effect increasing their allocations to international. This indicates a strong commitment to the asset class by US institutional investors.”
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