City Of London
Cash-Hungry British Pensions Pull Money From Multi-Asset Funds
- Pensions are searching for liquidity after bond prices tumbled
- Central bank measures to calm markets are set to end in days
Photographer: Chris Ratcliffe/Bloomberg
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Multi-asset funds are the latest casualty of the British pension industry’s dash for cash.
Funds run by major asset managers, including Aviva Plc and Schroders Plc, have recorded hundreds of millions of pounds in net outflows since Sept. 23, when the UK government announced a package of unfunded tax cuts that sent the price of gilts tumbling.