UK - Scheme funding levels improved during 2010 despite fears of a double-dip recession and the sovereign debt crisis, UBS Global Asset Management says.
The asset management firm's annual report - Pension Fund Indicators 2011, now in its 39th year - said most equity markets reached the highest levels since mid-2008 despite lingering uncertainty and volatility.
It added the funding positions of many schemes recovered - but noted most are yet to return to their pre-crisis levels.
UBS Global Asset Management head of UK fiduciary business development Sion Cole said this would have a knock-on effect for how schemes manage their assets.
He said: "The focus for pension schemes in 2011 and beyond is on continued diversification, seeking out new sources of alpha and better risk management."
Cole also predicted a further convergence in the role of consultants and asset managers as fiduciary management became a bigger draw for pension schemes in the year ahead.
He said: "We believe this converging of roles is good for trustees; providing a greater choice of firms offering what they require, increased competition and a greater likelihood of securing the services required."
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