Out of retirement

Two decades ago, pension funds represented a largely forgotten type of risk. But these once ill-understood liabilities have now moved to centre stage. Kurt Winkelmann of Goldman Sachs charts the evolution of pension fund investment


Pension investing has undergone tremendous change over the past 20 years. Ideas that would have been unheard of in the 1980s are now part of the fabric of institutional investing. Collectively, developments in demographics, finance theory, capital markets and the regulatory structure have prompted institutional investors to revisit both the levels and sources of active risk they are taking, broaden their asset class exposures, relax their investment guidelines and make broader use of risk

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