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
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.