Pension fund assets rising

The total assets of the world’s largest 300 pension funds grew by 11 per cent last year to a record high of $12.5 trillion (£7.77 trillion) according to new research. The study from Pensions & Investments and Towers Watson showed that despite last year's growth in total assets, annualised growth of all funds during the past five years has fallen to just above six per cent. Europe is the region with the highest five-year growth rate. Chris Ford, Europe, Middle East and Africa head of investment at Towers Watson, said: “The world’s largest pension funds have changed their asset mix during the past five years to be more defensive partly due to ongoing volatility and an unpredictable growth environment.”