European Retirement Industry 2020
Addressing Pensions’ Evolving Needs
Plan and Evaluate
- Review the European retirement industry’s size and growth projections, as well as managers’ plans for addressing pensions’ needs
- Evaluate the opportunity that exists for fiduciary managers across Europe, with particular attention on the U.K., given recent regulatory developments
- Gain an understanding of the main drivers of fee pressure, how asset managers are responding to fee pressure, and what is required to remain competitive in the evolving landscape
- Outline the key themes in the U.K.’s DC market, including the uptake of responsible investment products in default funds, shifting market structures in relation to consolidation and growing prominence of master trusts, and the role of private assets
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Address topical changes across the European institutional landscape; their impact on asset managers, consultants, fiduciaries, and institutional investors; and how asset managers should respond to them. The pan-European research analyzes the key trends and challenges in the institutional space and how asset managers can succeed in this ever-evolving market.
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A Note from the Author
Fiduciary Management Gains Ground Among European Pensions
Justina Deveikyte, CAIA
Justina joined Cerulli Associates in February 2014 and heads the European Institutional Asset Management research practice. In her role, she is responsible for all research activities relating to institutional investors, the firm’s analysis of alternative investments, the newly created environmental, social, governance (ESG) section, and all data-science-based activities. She also contributes to multiple strategic consulting engagements and The Cerulli Edge series.
Justina is the lead author of several Cerulli reports, covering insurance, retirement, ESG, and alternative investments. Throughout her career, she has successfully developed partnerships with industry associations and has presented at several conferences and events across the Europe.
Prior to joining Cerulli, Justina was a Financial Manager and Global Analyst at Global Food Consulting; she previously has provided professional advice on banking products, including unit-linked insurance and third-pillar pension products at SEB Bank Group.
Full biography here.
Pension schemes throughout the region are considering appointing fiduciary managers with the aim of gaining access to more esoteric asset classes and improving their governance. Defined benefit (DB) schemes currently make up the largest proportion of the U.K.’s fiduciary assets—more than 72% at the end of last year. However, we expect defined contribution (DC) schemes’ share of fiduciary assets to experience much stronger growth over the next three to five years. Demand for fiduciary management in the U.K. DC space will be driven primarily by small, trust-based DC schemes.
Portfolio customization will become a key important factor in winning and retaining fiduciary business in the next three to five years as pension schemes seek to ensure that managers are meeting specific investment goals, including integrating environmental, social, and governance factors into their investment portfolios. For more insights, we encourage you to look at our report, European Retirement Industry 2020: Addressing Pensions’ Evolving Needs.
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