Private equity has been in the doldrums, with groups struggling to exit investments and raise fresh capital. But one of the world’s biggest PE investors isn't holding back: www.ft.com/content/0b97...

Good piece by @marymcd.bsky.social on insurers taking leveraged gilt bets to enhance returns ft.com/content/427a... One reason for this demand is the UK government has closed off the market for public corporation debt (pricing at c.50-100 bps above gilts) Crucially this debt would transform the rate

In the ultra-competitive market for corporate pensions deals, and with credit spreads incredibly tight, big insurers are leveraging up their gilts to eke out higher returns. Leveraged gilts backing pensions: never goes wrong obviously www.ft.com/content/427a...

A new wave of economic nationalism in Canada is pushing the country's largest pension funds to invest more in the domestic economy www.ft.com/content/209a...

Move over ‘Maple 8’, here comes UK’s ‘Sterling 20’ group of pension funds… on.ft.com/4n39uYN w/ @aarmstrongsays.bsky.social and @jenwilliamsft.bsky.social

The 21 local authority pension funds orphaned by closure of Access and Brunel asset pools look set to split almost evenly with seven to Border to Coast, seven to LGPS Central, and four to LPPI (three yet to announce but two expected to go to LPPI). Govt said they could not all move together.

Baillie Gifford among fund managers at risk from pooling of local authority pension funds on.ft.com/4mC6Hpi

Tax-free pension withdrawals have shot up ahead of bringing pensions within IHT and budget speculation that the tax-free lump sum allowance will be cut. FoI response from FCA. w/ @emdunks.bsky.social: www.ft.com/content/f9f9...

PFZW has pulled €14bn equity mandate from BlackRock and €15bn from LGIM as it pivots to active strategies after a sustainability review. PFZW said it had “become more difficult to align with American managers when it comes to voting”. w/ @attractamooney.bsky.social www.ft.com/content/e8ec...

Reform's Richard Tice making some bold claims on LGPS reform. Many agree costs should be lower but are sceptical of his plans: www.ft.com/content/f325...

How might Torsten Bell shape the autumn budget? And what's out of scope: www.ft.com/content/4b34...

Retail gilt splurge that definitely won't go wrong continues www.ft.com/content/f744... Nice story from @marymcd.bsky.social @emilydherbert.bsky.social @lexiter.ft.com

www.ft.com/content/8f73... The National Wealth Fund has partnered with Aware Super and Equitix to invest £500mn in battery developement and storage across England and Scotland. Aware Super hopes for double digit returns. Will British pension funds follow?

M&G, Schroders and Hargreaves Lansdown explore entering the ‘master trust’ pension market, which DWP estimates could grow from about £140bn in 2023 to about £420bn in 2030. www.ft.com/content/685e...

Interesting read on how pension costs are squeezing post-92 universities from @marymcd.bsky.social on.ft.com/4oTBmAW

Big LGPS news - seven of the local authority funds in the ACCESS pool have signalled intent to joing Border to Coast - which will pull its aum from £65bn to over £100bn www.ft.com/content/04b6...

The latest in North American investors swooping in on the UK's pension risk transfer market @leeharris.ft.com www.ft.com/content/f460...

The most important story in the world right now.

HMRC has made some changes to its plans for bringing pensions within inheritance tax estates from 2027 - welcomed by scheme administrators but adds more burden to estate executors. Good news for DB schemes that death in service benefits no longer in scope www.ft.com/content/ec85...

UK launches review into state pension age https://on.ft.com/3UnSBfu

UK pensions overhaul looms as minister warns of slump in retirement income https://on.ft.com/4fj0ixr

Lord Mayor criticises UK companies for choosing low-fee pension schemes https://on.ft.com/44R7H23

Today in "reasons to be worried about long-term debt demand" #1 @marymcd.bsky.social on Dutch pension funds who are moving from DB to DC and needing a lot less long-dated sovereign bonds www.ft.com/content/8679...

Great piece by @marymcd.bsky.social and Sam Fleming www.ft.com/content/6505... re: OBR concerns on the growing pressure on the public finances. This also highlights the flaw at the heart of the government's strategy of centralising financing via gilts in the hope that this increases future tax

Pension pots of savers at risk from new UK rule, industry experts warn https://on.ft.com/4erPblb

Some BIG pensions numbers on the front page of today’s FT with excellent reporting inside from @marymcd.bsky.social.

Scottish Widows is preparing to slash exposure to UK equities in its £72bn pension default funds. Bad news for Britain’s ailing stock market. Big jump planned for its US equity exposure. Comes after the Lloyds-owned pension provider refused to sign Mansion House Accord: on.ft.com/4n7SGB9

Australian pension fund Aware Super cites ‘significant’ opportunities in Europe https://www.ft.com/content/ee20de60-4787-4a93-afc6-3e2caecdb81a

“It’s a classic supply-and-demand mismatch problem, but on a global scale” The pressure is building in the long-term government bond market on.ft.com/3Zk9Dhx

Interestingly the reserve power in the pensions bill to force DC schemes to invest in the UK is linked to the scale test and regulatory approval. Will not apply to listed securities and has a sunset clause of 2035. No detail on what an asset allocation target could be. on.ft.com/4dSPxkH

Big investors shift away from US markets https://www.ft.com/content/019a275c-ab14-4ac3-8a7e-68758dd234a8

UK pensions bill coming today! Covers key areas including: small pot consolidation, income in retirement, value for money, multi employer scheme consolidation, DB surplus extraction, DB superfunds, ppf levy, and controversial ‘reserve’ power to set asset allocation targets… on.ft.com/4kv5z6L

New York City's $290bn pension systems is weighing whether to invest more overseas as it brings forward its strategic asset allocation review following a spate of erratic policy measures in the US www.ft.com/content/65c8...

Phase 1 of UK pensions investment review is in: govt to legislate for ‘backstop’ powers to force investments in Britain and the scale test for DC multi-employer funds has been watered down a bit from initial proposals (to £25bn by 2035): on.ft.com/3FzPNIj

CDPQ, Canada’s second-largest pension fund, plans to invest £8bn in Britain over the next five years (£17bn current allocation). CEO says UK "top of the list" compared with other countries as it looks to lower allocation to US and invest in infrastructure around the world www.ft.com/content/ebba...

Terrific @alphaville.ft.com post by Ajay Rajadhyaksha, global chair of research at Barclays, on the long-dated JGB horror-show — and why this is not a niche concern. on.ft.com/4kvBmE8

Canada's largest pension plan, which manages C$714bn ($516bn), has 47 per cent invested in the US. That's up from 42 per cent last year and 36 per cent in 2023. Private equity has been its biggest underperformer over the past five years. www.ft.com/content/a2cc...

The EU's pan-European personal pension product, launched in 2022 to great fanfare, has attracted only 5,000 users and less than €12mn - or < 0.0002 per cent of its €700bn assets target😑 www.ft.com/content/929c...

Meet the European pension funds pulling/reviewing mandates from asset managers over sustainable investing concerns www.ft.com/content/ac82...

US college endowments funds are in a tight spot. PE distributions have slumped, capital commitments need to be met. Funding cuts are putting pressure on universities and endowment funds will face much higher taxes soon if proposals tabled in Trump’s tax bill become law: www.ft.com/content/b209...

It is fine bc no one has any other reason not to buy Treasuries rn on.ft.com/4jZTTZx

🚨Reform made huge gains in the local elections. But as well as winning councils, they won influence on £100bn of LGPS pension assets. A US-style war on 'woke investments' looks to be coming to UK asset mgmt. on.ft.com/3ZhOh4j

“Frankly, I think we’ve seen peak investment in US assets” Bankers, fund managers and CIOs predict slow bleed out of dollar assets, as real money chips away at a big US overweight. With @marymcd.bsky.social on.ft.com/4jQ7EKf

Top Canadian pension funds are stepping back from competing head-on with private equity groups to buy up companies, instead opting to invest alongside them to secure access to the best deals. on.ft.com/3GgAnZP

Large Canadian and Danish pension funds are halting or reassessing their private market investments into the US after Donald Trump’s erratic policy blitz. These funds are critical investors in the US private capital apparatus. www.ft.com/content/6eea...

“I can’t see any upside at the moment and lots of potential downside …. I have no idea what is going to happen” … FT Moneys looks at how to invest through choppy markets, considering how long you have to retirement and what assets you have www.ft.com/content/9a67...

ACCESS and Brunel LGPS pools have been told by the government they can't continue to operate and must notify which pools they will merge with by end of September. Pools not happy with how the government has gone about the consolidation process www.ft.com/content/184d...

AustralianSuper says the US will continue to dominate its new investments despite market chaos caused by tariffs: www.ft.com/content/5db8...

Pension savers - we want to hear from you! Please get in touch at [email protected] www.ft.com/content/c3ec...

“It’s their getaway money” Great piece from @marymcd.bsky.social and @emdunks.bsky.social UK wealth managers say American clients are moving money to Britain - on.ft.com/4i2PXoM via @FT