Defined contribution continues to grow apace in the UK with Mercury Asset Management reporting that DC assets managed exceeded £1bn for the first time.

It now manages assets for over 200 DC schemes. Le-gal & General Investment Management says it has broken the £1bn mark for DC assets on behalf of 130 schemes. In 1996, DC schemes represented just over a quarter of new clients. So far this year the proportion is around 40%.

Topics