Report

Asian Retirement Markets 2021

Moving Forward with Resilience

Grow Retirement Assets in Asia

  • Analyze the role of annuities
  • Understand the unique factors that impact the marketing and distribution of retirement solutions
  • Assess the opportunities and challenges in New Zealand’s pension system

$19,500

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Manni Huang

Manni Huang

Associate Director, Account Management, Asia

Summary

Evaluate the Asia-Pacific retirement sector in Australia and key North Asian and Southeast Asian markets. The report examines the current state of the retirement industry and regulatory developments in each market. It also explores the opportunities and challenges faced by asset managers in terms of product development and outsourcing opportunities, from both the retail and institutional perspectives.

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A Note from the Authors

Asian Pension Funds Turn to Asset Managers for Risk Management Expertise

Della Lin, CFA

Della Lin, CFA

Senior Analyst

Bio →

Della Lin, CFA

Della Lin, CFA

Senior Analyst

As a senior analyst out of the Singapore office, Della leads the Asian retirement research and contributes both quantitative and qualitative analysis to various Cerulli reports and Edge editions. Della also specializes in building the retail and institutional analysis for the Taiwanese, Korean, and Australasia markets.

Prior to joining Cerulli, she was a research analyst in a market intelligence firm, where she was responsible for building the Australian market data with a focus on alternative assets.

Full biography here.

Jaslyn Ong

Jaslyn Ong

Research Analyst

Bio →

Jaslyn Ong

Jaslyn Ong

Research Analyst

Jaslyn leads the research for two of Cerulli’s annual reports: The Cerulli Report—Asset Management in Southeast Asia and The Cerulli Report—Institutional Asset Management in Asia. She also contributes to The Cerulli Edge—Asian Monthly Product Trends and generates quantitative analysis to support strategic consulting engagements. Specifically, Jaslyn covers the asset management markets of Hong Kong, Malaysia, Singapore, and Thailand.

Prior to Cerulli, Jaslyn was with the Asia Pacific asset management research team at PwC. Prior to that, she worked briefly with Prudential as a financial consultant during her penultimate years of university.

Full biography here.

As pension funds add moderate risks to their portfolios and venture into foreign markets to address their asset-liability management, effective portfolio risk management is a growing initiative. 73% of Asia ex-Japan pension plans believe that effective risk management is a key tool in achieving optimal portfolio returns. While larger pension funds have risk management policies and target asset allocations, smaller pension plans are likely to employ external managers’ expertise and experience in managing their risk.

Risk management, however, covers many areas, and is not just limited to investment or market risks, but also includes addressing risks in operations, technological systems, and non-financial events such as climate change, as well as asset-liability mismatch risks. Changing the features of pension plans (such as raising the retirement age or increasing contribution limits, which could be sensitive issues), is one of the ways of addressing asset-liability mismatch (ALM) risk and ensuring enough funding is available for payouts. That said, asset allocation plays a paramount role in ALM and effective portfolio risk management. Japan’s Government Pension Investment Fund (GPIF), for instance, said in its 2019 annual report that, “The most important aspect of portfolio risk management is a proper management of asset allocation based on a policy asset mix.”

We believe that asset managers that can demonstrate prudent management of ALM risk and meet the demands funding payout amid an increasingly aging population will be well poised to win mandates from pension funds.

For more on this trend and for complete coverage of the retirement landscape in Australia, Japan, and North Asian and Southeast Asian markets, access our latest research.

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