09 October 1998
In fact, more pension fund portfolios were lost and gained by managers in the first six months of 1998 than in the whole of 1996.
The report also showed that two-thirds of the portfolios that were lost moved from discretionary balanced to a specialised style of management where the funds are invested in a specific asset type. Another trend was the small proportion of management houses which made a net gain. WM executive director Peter Warrington said: 'This emphasises the concentration of assets with a small number of managers during that period.'
PFoct1998
