Infrastructure was one of the fastest growing non-credit alternative investment asset classes, up nearly 72% to $10.8 billion in the 12 months ended Dec. 31, according to Pensions & Investments' annual survey of managers of U.S. institutional, tax-exempt assets.
For the first time since Pensions & Investments began listing the largest U.S. retirement plans, not a single corporate name appears in the ranking of the 10 largest defined benefit plans. #PITOP1000
Renewed risk appetite will contribute to driving a stronger U.S. economy in 2014, while the U.S. equity market will be challenged to meet the level of actuarial return assumptions for 2014, according to economic and market strategists.
Expectations that asset owners would be investing more in alternatives to fixed income didn't come to fruition in 2013, according to Pensions & Investments' 2013 money manager survey, as assets in traditional yield-seeking credit investments were the only ones to see gains last year.
U.S. institutional tax-exempt assets under management by the largest 500 managers reached $13.22 trillion at year-end 2013. That 13.9% gain finally put the assets above the pre-financial crisis peak of $12.42 trillion at year-end 2007.
Great-West Financial will acquire the large-plan defined contribution business of J.P. Morgan Asset Management, creating the second-largest U.S. record keeper by participants and tying for second based on assets under administration.