In-depth report on investing for our pension fund and asset management readers from our award-winning journalists.


Latest reports

Paris- protesters outside the Assemblée Nationale

Pensions in France - IPE Country Report

September 2023 (Magazine)

Fierce opposition from trade unions and a large part of the political spectrum did not manage to stop Emmanuel Macron’s plan to reform the French pension system. The new framework kicks in this month, and the long-term sustainability of public pensions is secure. However, French workers will have to work longer into their lives, and their standard of living will decline. 

Asia - Singapore

Asia Investment - Special Report

September 2023 (Magazine)

In this months’ special report on Asia, IPE’s private markets editor Lauren Mills analyses why global institutional investors are setting their sights on Asia. The combination of strong fundamentals and a lack of correlation with the European and North American economies make the region’s private assets particularly attractive. Investors are particularly hungry for infrastructure assets as well as the region’s fast-growing digital infrastructure. 

PFZW takes stake in green bonds

Portfolio strategy – Fixed income & credit

July/August 2023 (Magazine)

Factors including rising inflation and interest rates, the war in Ukraine, and the uncertainty surrounding the global economy might have significantly slowed down the growth of an alternative asset class like private debt. But this has not been the case, and while fundraising by private debt managers for 2022 and 2023 might be challenging, investors are making new long-term commitments.

Rome, Italy

Country report – Pensions in Italy (July/August 2023)

July/August 2023 (Magazine)

Italian second-pillar occupational pension funds continue on their path to diversification. Owing to the higher yields on offer in traditional fixed income markets, allocations to private markets may slow down temporarily, but funds have made long-term strategic commitments. A variety of industry initiatives is facilitating investment in private equity, private debt and infrastructure. Meanwhile, some pension funds are consolidating their private markets portfolios.

IPE Top 500 Asset Managers 2023

IPE Top 500 Asset Managers 2023: Asset management at a pivotal point

IPE Top 500 Asset Managers 2023

Data highlights from IPE Top 500 Asset Managers 2023 2022 global asset management AUM is €102.6trn 5.5% reduction on the 2022 total of €108.6trn Global institutional AUM: €35.1trn European institutional assets: €11.5trn Click for the Global Top 500 and European Top 120 institutional asset manager rankings


Top 1000 Pension Funds 2023: Europe’s pensions absorb a €646bn loss

Top 1000 Pension Funds 2023

Last year saw a net reduction in the asset stock of European pension investment retirement pools of 6.77% over the previous year, according to IPE’s annual study of the leading 1,000 pension funds across the continent, marking a sea change for pensions.

All Reports

  • Pensions in the Nordic Region

    Country report – Pensions in Nordic Region (June 2023)

    June 2023 (Magazine)

    Reputational issues are front of mind for the board of Alecta, Sweden’s largest pension fund, as it continues to digest the fallout from its ill-starred investments in Silicon Valley Bank and two other US financial institutions that collapsed in March this year.

  • Stocks

    Portfolio strategy – Equities

    June 2023 (Magazine)

    Our report shines a light on investors’ thought processes when it comes to choosing active, passive or a combination of the two. We surveyed CIOs and senior portfolio managers to get an insight into how they construct their equity portfolios. Our report also features an investigation into the fall in listings on the UK equity market, at a time when listing domicile is increasingly consequential aspect of portfolio construction.

  • Sunrise

    Special Report – Outlook: Europe and the world

    June 2023 (Magazine)

    Inflation may be losing momentum, thanks to vigorous central bank action, but with a recession on the horizon, it is hard to tell whether the next few months and years will see markets turn around and risk assets begin to perform again. For the time being, CIOs argue for selectivity in stock selection and generally agree that bonds have resumed their diversification role. The main article in our Outlook report features the views of influential CIOs and strategists on asset allocation for the next few years.

  • City of London

    Portfolio strategy – Fixed income

    May 2023 (Magazine)

    Last year ushered in a new era for global fixed income and credit markets. It was the worst, in terms of returns, for bond investors in years, but it signalled a regime change. Investors need to be prepared for structurally higher inflation and rates, as well as higher volatility. But for fixed income managers, this is an environment where value is easier to find. Our report looks at this new beginning for fixed income investors, and at how selectivity has become key in the high yield and loan markets.

  • London including 22 Bishopsgate (photo by Edmund Sumner)

    Country Report – Pensions in UK (May 2023)

    May 2023 (Magazine)

    UK pensions are at a crucial juncture. The UK Parliament’s inquiry into the LDI crisis of September 2022 shed some light on its causes, but the debate on the role of LDI is alive and well. Meanwhile, regulators including The Pensions Regulator and the Financial Conduct Authority have advised pension schemes on how to make LDI strategies more resilient to shocks. 

  • Westhafentower EIOPA

    Briefing – Regulation

    April 2023 (Magazine)

    In Frankfurt, EIOPA has responded to the European Commission’s call for technical advice in its stocktake on IORP II, the European framework for occupational pensions. EIOPA proposes widening the scope of IORP II in a pivot away from cross-border pensions and towards sustainability. A consultation process is open until 25 May.

  • Stock price on monitor

    Portfolio Strategy – Emerging market equities

    April 2023 (Magazine)

    The Adani corporate scandal in India brought the issue of corporate governance in emerging markets back to the fore. As Lynn Strongin Dodds finds, however, emerging market corporates are slowly adapting to the requirements of institutional investors in terms of governance.

  • The Hague

    Country Report – Pensions in the Netherlands (April 2023)

    April 2023 (Magazine)

    The Netherlands is in the final legislative stages of what will probably be the largest and most complex workplace pension system change ever in the world. Yet as it edges towards the parliamentary finishing line, recent political events could yet knock the process off course.

  • Sweet shop

    Manager selection: UK fiduciary management

    April 2023 (Magazine)

    Does fiduciary management still stack up as scheme funding improves?

  • debt

    Portfolio strategy – Private debt

    March 2023 (Magazine)

    The rise in interest rates and inflation throughout 2022 brought traditional fixed-income assets back into focus for investors. The threat of a recession, the pressure on investors to maintain liquidity in portfolios and the ‘denominator effect’, which sees investors over-allocated to unlisted assets after a torrid 2022 for listed equities and bonds, are all facts that would suggest that private debt markets will suffer. However, investors are still backing experienced private debt managers and allocations to the asset class are forecast to grow further in the medium term.

  • biodiversity

    Special Report – Natural capital

    March 2023 (Magazine)

    Incorporating nature risk into financial analysis remains the - for now elusive - goal for investors, but this is hard given the lack of consensus on what information should be collected and how it should be presented. Such questions are the domain of the Taskforce for Nature-related Financial Disclosures (TNFD), the group founded in 2021. As well as striving for transparency and consistency in data disclosure, asset owners are also keen to deter inflated and exaggerated claims by asset managers on biodiversity impacts.

  • Frankfurt, Germany

    Country Report – Pensions in Germany (March 2023)

    March 2023 (Magazine)

    Angela Merkel’s governments largely dodged the political hot potato of first-pillar pension reform, which means the current overhaul to the state system is overdue. But it barely gets to grips with the issues. For one, it does not deal with entitlements or increase the retirement age; second it introduces a funded component that will probably only take effect in the 2030s, when the post-war demographic peak is passing. 

  • Dublin, Ireland

    Country Report – Ireland (February 2023)

    February 2023 (magazine)

    Ireland is preparing an Auto Enrolment Bill, which will kick-start the process of defined contribution pension reform in earnest, some 15 years after the concept was first mooted. The plan is for a Central Processing Authority to administer the system and for up to four providers to tender for a chance to manage member contributions.

  • Stock market returns

    Equities – Thematic funds tap into future trends

    February 2023 (magazine)

    Themes have long captured the imagination of retail investors. Now institutions are showing interest, despite the lack of clear definitions

  • Risky

    UK pension risk transfer market set for bumper 2023

    February 2023 (magazine)

    Improved pricing and funding levels turned 2022 into a busy year for insurers, with more demand expected in 2023. But can they cope with the higher demand and will pricing remain competitive? 

  • dreamstime_m_58693780

    Asset class report – Fixed income

    January 2023 (Magazine)

    Last year was the worst in recent decades for both government bonds and credit, with portfolio returns worse than most professionals have experienced in their careers. But is the tide finally shifting as inflation starts to moderate and terminal policy rates are in sight? In any case, geopolitical risks and inflation are not set to go away, and recession will inevitably take a toll on corporate issuers.

  • Melbourne Mercer Global Pensions Index

    Special Report – DC pensions

    January 2023 (Magazine)

    Workplace pensions can differentiate themselves by their stewardship and engagement programmes. But effective stewardship is generally the preserve of larger defined benefit players and big investment managers. Now, technology means investors in smaller pooled funds can express their proxy voting preferences, shifting the power away from the managers and towards asset owners.

  • Pensions in CEE 2023

    Country Report – Pensions in Central & Eastern Europe (January 2023)

    January 2023 (Magazine)

    Poland’s PPK auto-enrolment system marks its fourth anniversary this month. It can hardly be described as a complete success given the participation rate is stuck at just over a third of the working population. Some initial projections foresaw a 70% takeup level. But with assets approaching €2.5bn and rapidly growing, there is a sense that this is a relatively good outcome for a country with no tradition of independent retirement saving and where the previous second pillar system was radically overhauled just a few years ago, leaving ordinary citizens confused and mistrustful.

  • Stocks

    Asset class report – Equities

    December 2022 (Magazine)

    Factor investment strategies were once the ‘new black’ - scientific, quant driven approaches that could deliver the ‘smart beta’ nirvana of lower volatility returns and optimised exposure to robust return premia from small cap, value and quality stocks. Pundits always warned adopters that not all factors would perform all of the time - and indeed they didn’t. But investors are taking a fresh look at factor strategies now the extended spell of outperformance of growth stocks has passed, and value has reasserted itself.

  • Compass

    Special Report – Prospects 2023

    December 2022 (Magazine)

    The past year will be remembered as one of the most challenging for institutional investors ever. The outlook for 2023 is brighter, if anything because valuations of major asset classes have come back to historical levels.

  • Copenhagen, Denmark

    Country Report – Pensions in the Nordic Region (December 2022)

    December 2022 (Magazine)

    Nordic pension funds are getting to grips with biodiversity and natural capital in their investment portfolios, seeking to measure both the impact of companies they invest in and ways they can limit adverse effects on nature. Like other investors globally, many are just at the early stages of thinking about this - how they measure biodiversity, which metrics and approaches are gaining acceptance, and how best to report to stakeholders.