Pension funds will stick with equities - KPMG

UK management consultancy KPMG believes that a lack of supply of long-dated sterling bonds will result in pension funds maintaining their exposure to equities. Transferring all the industry's equity holdings would require around £515 billion of bonds, says KPMG, while the total value of outstanding long-dated sterling bonds is around £300 billion. £150-200 billion of this is already held by pension funds with defined benefit schemes, which leaves £100-150 billion of sterling long-dated bonds

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