UK fund managers are losing market share to alternative investments and must target broader assets owned by institutional investors to stave off further losses, McKinsey & Company say.
The consultant said asset managers across Europe have lost market share amounting to €1.3trn (£1.1trn) in financial assets since 2007, leaving asset managers globally managing just 14% of financial assets....
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.