Pensions continue their march towards direct investment
February 12, 2016
This week there was news of the UK’s University Superannuation Scheme sale of a substantial part of their private equity portfolio. It reflects, according to the institution, a continuing shift towards direct investment, in which they are mirroring the actions of Railpen, another UK pension fund, which has taken an increasing amount its investments in-house. This drive towards disintermediation has the direct impact of cutting costs but also raises the bar for talent and skillset among the in-house team of an allocator, in an increasingly competitive environment.