As a regular attender at pension conferences it struck me as interesting that whilst the content of many presentations given by investment managers are good to very good on the technical side : for instance analysis of the macro-economic outlook or an assessment of investment prospects for one asset class : very few address or even touch upon two key areas for pension schemes: broader asset allocation and the investments implications as part of liability management.
This lack of focus is particularly strange as attention here could help to build differentiated marketing bridges to trustees and advisers and it’s no ‘trade secret’ that changes in technical provisions and roll-forwards are often responsible for more variation in funding levels than fluctuation in asset prices.
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