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UK pension funds delay re-risking until markets settle
31 October 2011
Market volatility is driving a reduction in transition management activity, with most – but not all – pension schemes limiting their activity in this area, according to leading players in the sector, reports Stephanie Baxter.
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transition management
Citi
BNY Mellon
SWF
pension funds
JPMorgan
JPMorgan and Citi said they are seeing a drop in asset allocation changes – which are one of the strongest drivers of transition management activity – but that pension schemes are not holding back from asset manager changes.
According to Steven Dalzell, head of transition management EMEA at Citi, UK pension funds are still making manager changes in the same asset class or region, and that there is a low tolerance for manager under performance especially in the emerging market sector.
Mark Dwyer, head of transition management at BNY Mellon, however, said he is seeing not only a reduction in asset allocation shifts but also a drop in asset manager changes:
“There’s been a small reduction in asset manager switches as well, because in times of...
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