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Equity risk is a crucial portfolio exposure for pension funds and a key driver for long-term retirement outcomes for pension plans and their beneficiaries. Yet the structure of equity markets is in transition, which changes the way pension funds choose to allocate capital to them.
Last month’s three doorstop reports from the EU’s 35-strong technical expert group (TEG) on sustainable finance have the potential to radically repurpose capital markets.
The new European Commission will inherit a coherent but partially implemented Capital Markets Union (CMU) in the autumn. But much needs to be done to consolidate, refocus and re-energise this landmark constellation of policies and objectives.