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The World's Largest retirement funds

Global retirement funds see assets rise to $18.1 trillion

Roger Urwin said growth of the largest funds didn’t outpace the markets because of payouts.

Top 300 assets up 15.1%; largest 20 enjoy even greater growth at 17.4%

The world's largest retirement funds recorded double-digit growth in 2017, with the latest survey by Pensions & Investments and the Thinking Ahead Institute showing assets of the 300 largest retirement funds growing 15.1% to hit $18.1 trillion.

By comparison, assets grew 6.1% in 2016.

And as global equity markets produced a 23.97% gain, according to the MSCI All Country World index, the top 20 retirement funds recorded equally impressive growth, with assets increasing 17.4% for the year ended Dec. 31, to $15.7 trillion. That compared with 7.1% growth for the top 20 funds in 2016.

The World 300 now account for about 43.8% of total retirement assets in the Thinking Ahead Institute's Global Pension Assets Study 2018, up slightly from 43% at year-end 2016.

Willis Towers Watson Investments' Thinking Ahead Group is the executive team to the firm's Thinking Ahead Institute — a global, non-profit group that seeks collaboration and change in the investment industry for the benefit of savers.

"When you think of capital markets forging ahead, we've had good five-year figures, the (global financial crisis) is dropping out," said Roger Urwin, global head of investment content in London at Willis Towers Watson PLC and part of the research team for the institute. "We've found (the 300 funds are) keeping pace with that growth, not growing faster than capital markets. That's because, while we did get a fair amount of contributions, they had to pay out a lot. That's a factor increasingly keeping their growth in single digits. But a few funds have double-digit growth — in particular one or two of the emerging market funds."

For the first time, an India-based retirement fund has made its way into the top 20 largest funds, with the Employees' Provident Fund Organization, New Delhi, placing at number 19 in the ranking, with $134.3 billion in assets. In dollar terms the fund's assets grew 22% for the year, propelling it from 21st place in the year-earlier ranking.

Four other emerging markets-based funds retained their places in the top 20:

South Korea's National Pension Service, Seoul moved into third place, up from fourth a year ago, with 26.1% growth in dollar terms to $582.9 billion.

National Council for Social Security Fund, Beijing, saw assets grow 31% in dollar terms to $456.9 billion. It stayed in sixth place in the ranking.

Malaysia's Employees Provident Fund, Kuala Lumpur, moved up one place to 14th, as assets grew 21% to $200.3 billion.

The Government Employees Pension Fund, Pretoria, South Africa saw asset growth of 12.4% in dollar terms to $133.9 billion. It dropped one place in the ranking to 20th.

The P&I/Thinking Ahead Institute World 300
Ranked by total assets, in U.S. millions. U.S. fund data are from the P&I 1,000, published Feb. 5, 2018; non-U.S. fund data are as of Dec. 31, 2017, unless otherwise noted. For a printable version of this chart, click here.
RankFundCountryTotal assetsDB assetsDC assets
1Government Pension InvestmentJapan$1,443,554 $1,443,554
2Government Pension FundNorway$1,063,456
3National PensionSouth Korea$582,938 $582,938
4Federal Retirement ThriftU.S.$531,489 $531,489
5ABPNetherlands$494,796 $494,796
6National Social SecurityChina$456,853
7California Public EmployeesU.S.$336,684 $335,083 $1,601
8Canada Pension1Canada$283,454 $283,454
9Central Provident FundSingapore$269,133 $269,133
10PFZW1Netherlands$235,995 $235,995
11California State TeachersU.S.$216,193 $215,318 $875
12Local Government OfficialsJapan$209,880 $209,880
13New York State CommonU.S.$201,263 $201,263
14Employees Provident FundMalaysia$200,265 $200,265
15New York City RetirementU.S.$189,794 $189,794
16Florida State BoardU.S.$167,900 $157,562 $10,338
17Ontario Teachers2Canada$150,730 $150,730
18Texas TeachersU.S.$146,326 $146,326
19Employees’ ProvidentIndia$134,272 $134,272
20GEPF2South Africa$133,944 $133,944
21ATPDenmark$129,741 $129,741
22BoeingU.S.$121,717 $63,553 $58,164
23New York State TeachersU.S.$115,637 $115,637
24AT&TU.S.$113,582 $55,885 $57,697
25Wisconsin Investment BoardU.S.$109,960 $105,155 $4,805
26Future FundAustralia$108,545
27North CarolinaU.S.$106,946 $96,094 $10,852
28Nat’l Federation of Mutual AidJapan$106,629 $106,629
29Pension Fund Association1Japan$105,204 $105,204
30Washington State BoardU.S.$104,260 $86,615 $17,645
31IBMU.S.$103,676 $52,249 $51,427
32AustralianSuperAustralia$103,180
33AlectaSweden$101,415 $101,415
34Ohio Public EmployeesU.S.$97,713 $96,304 $1,409
35Labor Pension FundTaiwan$96,539 $31,281 $65,258
36General MotorsU.S.$96,284 $67,167 $29,117
37California UniversityU.S.$87,452 $64,378 $23,074
38Bayerische Versorgungskammer3Germany$86,556 $86,556
39Metaal/tech. BedrijvenNetherlands$86,185 $86,185
40PFA PensionDenmark$83,158 $83,158
41Universities Superannuation2U.K.$81,078 $81,078
42New JerseyU.S.$80,486 $76,361 $4,125
43Virginia RetirementU.S.$79,238 $76,023 $3,215
44General ElectricU.S.$78,839 $49,360 $29,479
45Public Service Pension Plan2Canada$78,330
46Royal Dutch Shell4Netherlands$78,105 $78,105
47Oregon Public EmployeesU.S.$77,495 $75,454 $2,041
48Ohio State TeachersU.S.$76,458 $75,148 $1,310
49BouwnijverheidNetherlands$76,091 $76,091
50Ontario Municipal EmployeesCanada$75,730 $75,730
51Michigan RetirementU.S.$75,550 $67,496 $8,054
52Georgia TeachersU.S.$73,089 $73,089
53Minnesota State BoardU.S.$72,672 $64,116 $8,556
54National Public ServiceJapan$71,662 $71,662
55Lockheed MartinU.S.$71,001 $32,544 $38,457
56Public Inst. for Social SecurityKuwait$70,710
57Massachusetts PRIMU.S.$69,496 $69,496
58BT Group 1U.K.$68,857 $68,857
59First State SuperAustralia$67,610 $67,610
60Royal Bank of Scotland Group 5U.K.$67,222 $67,222
61National Wealth Fund 6Russia$65,076
62Healthcare of OntarioCanada$61,854 $61,854
63United Nations Joint StaffU.S.$61,457 $61,457
64Lloyds Banking Group 5U.K.$60,664 $60,664
65QSuperAustralia$60,629
66Ford MotorU.S.$59,813 $43,561 $16,252
67United Parcel ServiceU.S.$59,560 $36,929 $22,631
68AMF PensionSweden$57,665 $57,665
69AFP HabitatChile$57,513 $57,513
70KevaFinland$57,048 $57,048
71PMENetherlands$56,378 $56,378
72Bank of AmericaU.S.$55,875 $19,375 $36,500
73Quebec PensionCanada$55,205 $55,205
74Tennessee ConsolidatedU.S.$55,112 $48,330 $6,782
75Quebec Government & PublicCanada$54,698 $54,698
76VarmaFinland$54,514 $54,514
77PreviBrazil$54,465 $54,465
78Los Angeles County EmployeesU.S.$53,832 $53,832
79AFP ProvidaChile$52,940 $52,940
80Pennsylvania School EmployeesU.S.$52,891 $52,891
81Organization for Workers 1Japan$52,129 $52,129
82Colorado EmployeesU.S.$51,476 $47,300 $4,176
83UniSuperAustralia$51,227
84Wells FargoU.S.$51,062 $10,621 $40,441
85Northrop GrummanU.S.$50,541 $26,975 $23,566
86Maryland State RetirementU.S.$50,297 $50,297
87KaiserU.S.$50,058 $29,697 $20,361
88Illinois TeachersU.S.$49,863 $49,863
89Electricity Supply PensionU.K.$49,847
90VerizonU.S.$49,780 $18,718 $31,062
91United TechnologiesU.S.$49,030 $26,644 $22,386
92IlmarinenFinland$47,246 $47,246
93AP Fonden 7Sweden$46,966
94Public School EmployeesJapan$46,081 $46,081
95FRR7France$43,698
96SampensionDenmark$43,280
97AP Fonden 3Sweden$43,083
98DowDuPontU.S.$43,028 $19,283 $23,745
99AP Fonden 4Sweden$43,001
100Missouri Schools & EducationU.S.$42,307 $42,307
101FedExU.S.$42,033 $25,729 $16,304
102AP Fonden 2Sweden$41,826
103AFP CuprumChile$41,105 $41,105
104B.C. MunicipalCanada$40,968 $40,968
105J.P. Morgan ChaseU.S.$40,841 $15,304 $25,537
106Bundes PensionskasseSwitzerland$40,815
107Barclays Bank U.K.U.K.$40,690 $40,690
108AFP CapitalChile$40,559 $40,559
109Private Schools EmployeesJapan$40,377 $40,377
110AP Fonden 1Sweden$39,874
111Illinois MunicipalU.S.$39,811 $39,811
112Teamsters, Western ConferenceU.S.$39,773 $39,773
113Nevada Public EmployeesU.S.$39,721 $39,721
114RESTAustralia$39,178 $39,178
115Alabama RetirementU.S.$38,800 $36,686 $2,114
116SunsuperAustralia$38,576
117HSBC BankU.K.$38,265 $38,265
118Afore XXI Banorte8Mexico$37,883 $37,883
119Arizona State RetirementU.S.$37,753 $37,753
120Exxon MobilU.S.$37,665 $13,933 $23,732
121South Carolina Public EmployeesU.S.$37,263 $31,057 $6,206
122Railways PensionsU.K.$37,165
123Utah State RetirementU.S.$37,100 $31,699 $5,401
124State FarmU.S.$36,631 $24,288 $12,343
125National Pension Association9Japan$36,368 $36,368
126PensionDanmarkDenmark$36,334 $36,334
127RaytheonU.S.$36,200 $18,700 $17,500
128BPU.K.$35,091 $35,091
129British AirwaysU.K.$34,841 $34,333 $508
130 Johnson & JohnsonU.S.$34,792 $18,053 $16,739
131ERAFP10France$34,694
132Retirement Fund-KWAPMalaysia$34,665 $34,665
133HoneywellU.S.$34,552 $19,619 $14,933
134Delta Air LinesU.S.$34,363 $14,299 $20,064
135Alberta Local AuthoritiesCanada$33,991 $33,991
136CbusAustralia$33,985 $33,985
137CSCAustralia$33,969 $33,969
138HESTAAustralia$33,938 $33,938
139BVK des Kantons ZurichSwitzerland$33,913 $33,913
140BVVGermany$33,728 $33,728
141Nokia USAU.S.$33,692 $25,778 $7,914
142State SuperAustralia$33,688
143Connecticut RetirementU.S.$33,461 $33,461
144RabobankNetherlands$32,859 $715 $32,144
145 ING PensioenfondsNetherlands$32,782 $32,782
146Indiana Public RetirementU.S.$32,743 $27,386 $5,357
147PorvenirColombia$32,579 $32,579
148VervoerNetherlands$32,566 $32,566
149ABN AMRO PensioenfondsNetherlands$32,092 $32,092
150ChevronU.S.$31,878 $10,409 $21,469
151Alaska RetirementU.S.$31,828 $25,827 $6,001
152Iowa Public EmployeesU.S.$31,524 $31,524
153Greater ManchesterU.K.$31,087 $31,087
154Pennsylvania EmployeesU.S.$30,964 $27,649 $3,315
155Grafische BedrijvenNetherlands$30,933 $30,933
156Texas EmployeesU.S.$30,539 $27,532 $3,007
157Afore Citibanamex8Mexico$30,409 $30,409
158BAE SystemsU.K.$30,323 $30,323
159Mississippi EmployeesU.S.$29,446 $27,675 $1,771
160British Coal Pension Schemes11U.K.$29,184 $29,184
161DaimlerGermany$29,048 $29,048
162Texas County & DistrictU.S.$28,643 $28,643
163Strathclyde Pension FundU.K.$28,610 $28,610
164Mitsubishi UFJ Financial1Japan$28,386
165PfizerU.S.$27,992 $13,569 $14,423
166Japan Police Personnel Mutual AidJapan$27,724 $27,724
167Elo Mutual Pension InsuranceFinland$27,675 $27,675
168American AirlinesU.S.$27,614 $11,126 $16,488
169Texas Municipal RetirementU.S.$27,570 $27,570
170ProteccionColombia$27,472 $27,472
171FCA U.S.U.S.$27,388 $20,891 $6,497
172VBLGermany$27,066 $27,066
173WalmartU.S.$26,964 $26,964
174Social Insurance FundsVietnam$26,820
175San Francisco City & CountyU.S.$26,666 $23,428 $3,238
176UBSSwitzerland$26,662 $26,662
177Industriens PensionDenmark$26,608 $26,608
178Shell OilU.S.$26,501 $15,138 $11,363
179National RailroadU.S.$26,494 $26,488 $6
180Ireland Strategic InvestmentIreland$26,469
181ExelonU.S.$26,076 $18,320 $7,756
182 CitigroupU.S.$26,012 $12,701 $13,311
183Nestle5Switzerland$25,300 $25,300
184Government Pension11Thailand$25,242 $25,242
1853MU.S.$25,226 $15,348 $9,878
186Afore Sura8Mexico$24,853 $24,853
187General DynamicsU.S.$24,736 $9,788 $14,948
188Federal Reserve EmployeesU.S.$24,681 $15,912 $8,769
189New Zealand Superannuation12New Zealand$24,420
190Migros-Genossenschafts-BundSwitzerland$24,417
191Labor Insurance FundTaiwan$24,374 $24,374
192AvivaU.K.$23,977 $23,977
193Afore Profuturo GNP8Mexico$23,826 $23,826
194ENPAMItaly$23,697
195HOSTPLUSAustralia$23,693 $23,693
196State PensionFinland$23,513 $23,513
197B.C. Public Service2Canada$23,233 $23,233
198CaterpillarU.S.$23,050 $12,182 $10,868
199PG&EU.S.$22,812 $16,117 $6,695
200PepsiCoU.S.$22,638 $13,194 $9,444
201BBCU.K.$22,598 $22,598
202B.C. TeachersCanada$22,384 $22,384
203New York State Deferred Comp.U.S.$22,205 $22,205
204ESSSuperAustralia$22,021
205United Continental HoldingsU.S.$21,900 $3,700 $18,200
206Government Service InsurancePhilippines$21,810
207Los Angeles Fire & PoliceU.S.$21,742 $21,742
208Procter & GambleU.S.$21,678 $1,970 $19,708
209Illinois State BoardU.S.$21,651 $17,318 $4,333
210PetrosBrazil$21,651 $21,651
211MerckU.S.$21,580 $11,851 $9,729
212Public Service Pension FundTaiwan$21,420 $21,420
213 Prudential FinancialU.S.$21,300 $12,826 $8,474
214Louisiana TeachersU.S.$21,250 $19,129 $2,121
215National ElectricU.S.$21,181 $13,876 $7,305
216Mizuho Financial Group1Japan$21,108
217Ontario Pension BoardCanada$21,066 $21,066
218Laegernes PensionskasseDenmark$20,892
219PKADenmark$20,806
220Illinois State UniversitiesU.S.$20,724 $18,572 $2,152
221National Grid1U.K.$20,715 $20,715
222GESBAustralia$20,686 $20,686
223Super SAAustralia$20,553 $20,553
224British Steel Pension Scheme2U.K.$20,353 $20,353
225World BankU.S.$20,222 $20,222
226HPU.S.$19,933 $10,838 $9,095
227Canada PostCanada$19,910 $19,910
228Kansas Public EmployeesU.S.$19,898 $18,838 $1,060
229Magistrenes PensionskasseDenmark$19,873 $19,873
230Fonds de Comp./Securite SocialeLuxembourg$19,655
231Hydro-QuebecCanada$19,654 $19,654
232SpoorwegpensioenfondsNetherlands$19,610 $19,610
233Fujitsu1, 5Japan$19,509
234Wespath (UMC)U.S.$19,475 $8,549 $10,926
235Walt DisneyU.S.$19,338 $12,082 $7,256
236West Midlands Metropolitan2U.K.$19,316 $19,316
237Kentucky TeachersU.S.$19,268 $19,268
238New York City Deferred Comp.U.S.$19,231 $19,231
239Bell CanadaCanada$19,048 $19,048
240Integra13Peru$18,961 $18,961
241FEFSSPortugal$18,930
242MicrosoftU.S.$18,849 $18,849
243FUNCEFBrazil$18,617 $18,617
244National Rural ElectricU.S.$18,522 $8,592 $9,930
245Nippon Telegraph & Telephone1Japan$18,500
246West Yorkshire2U.K.$18,421 $18,421
247Rolls-RoyceU.K.$18,387 $18,387
248IntelU.S.$18,332 $1,132 $17,200
249SBB PensionskasseSwitzerland$18,256 $18,256
250Consolidated EdisonU.S.$18,101 $14,238 $3,863
251Teachers’ PensionSouth Korea$17,994 $17,994
252AkzoNobel5U.K.$17,913 $17,913
253Tesco5, 14U.K.$17,884 $17,884
254Quebec Construction IndustryCanada$17,810
255International PaperU.S.$17,809 $12,156 $5,653
256 GlaxoSmithKlineU.K.$17,775 $17,775
257City of ZurichSwitzerland$17,763
258Duke EnergyU.S.$17,580 $9,298 $8,282
259 Southern Co.U.S.$17,572 $11,772 $5,800
260SiemensGermany$17,554 $17,554
261Credit SuisseSwitzerland$17,492
262Panasonic 1Japan$17,389
263DeereU.S.$17,300 $10,700 $6,600
264PK PostSwitzerland$17,298
265Georgia EmployeesU.S.$17,147 $15,583 $1,564
266 MetLifeU.S.$17,100 $9,675 $7,425
267Idaho Public EmployeesU.S.$17,039 $16,180 $859
268 Operating Engineers Int’lU.S.$16,942 $16,942
269 Ernst & YoungU.S.$16,920 $7,544 $9,376
270Air CanadaCanada$16,857 $16,857
271BWVAGermany$16,766 $16,766
272Los Angeles City EmployeesU.S.$16,708 $16,708
273Government Employees PensionSouth Korea$16,640 $16,640
274CenturyLinkU.S.$16,584 $11,005 $5,579
275DeloitteU.S.$16,464 $4,956 $11,508
276Hawaii EmployeesU.S.$16,321 $16,321
277 FMRU.S.$16,317 $16,317
278BASFGermany$16,298 $16,298
279 Nebraska Investment CouncilU.S.$16,197 $15,089 $1,108
280HCA HoldingsU.S.$16,188 $576 $15,612
281OPSEUCanada$16,141 $16,141
282RWEGermany$16,122 $16,122
283Arkansas TeachersU.S.$16,120 $16,120
284 National Grid USAU.S.$16,109 $11,730 $4,379
285Oklahoma TeachersU.S.$15,980 $15,803 $177
286New York City TeachersU.S.$15,924 $15,924
287Banco Santander (U.K.)U.K.$15,893 $15,893
288Telstra SuperAustralia$15,860
289VicSuperAustralia$15,860 $15,860
290New Mexico Public EmployeesU.S.$15,847 $15,264 $583
291Ohio Police & FireU.S.$15,390 $15,390
292West Virginia InvestmentU.S.$15,228 $15,228
293 Abbott LaboratoriesU.S.$15,215 $8,277 $6,938
294Liberty MutualU.S.$15,209 $7,700 $7,509
295Hitachi1Japan$15,184
296Prima13Peru$15,150 $15,150
297BP AmericaU.S.$15,113 $7,455 $7,658
298Nordrheinische ArzteversorgungGermany$15,075 $15,075
299Eli LillyU.S.$15,007 $8,060 $6,947
300Zenkoku Shinyo Kinko1Japan$14,955 $14,955
Total$18,109,120 $11,152,257 $3,906,108
Defined benefit and defined contribution breakouts were not available for or applicable to all non-U.S. funds.
Notes: 1 As of March 31, 2018; 2 As of March 31, 2017; 3 As of Jan. 31, 2018; 4 Global figure (ex-U.S.); 5 Global figure; 6 As of Jan. 1, 2018; 7 As of Dec. 29, 2017; 8 As of May 31, 2018; 9 Estimate; 10 As of Feb. 28, 2018; 11 As of Sept. 30, 2017; 12 As of June 30, 2017; 13 As of April 30, 2018; 14 As of Feb. 24, 2018

Mr. Urwin also noted that these five emerging market-based retirement funds also were the five new entrants into the top 20 in the past 10 years. He said the establishment of a more significant and resilient pensions industry in Asia and Africa has been a strong trend of late.

The data collated in the survey show that "the growth of pension capitalism is both a developed market and an emerging market phenomenon — that is quite interesting," Mr. Urwin said.

The 14.7% growth in dollar terms to $129.7 billion was not enough to keep Denmark's ATP in the top 20; the Hilleroed-based pension fund fell to 21st place, from 20th in the previous survey.

Regional differences

By region, North America retained its crown as taking the lion's share of total assets, at 42.3% of all assets — down from 44.1% — and $7.66 trillion. The region's annualized growth for the five years through year-end 2017 was 6.2% to year-end 2017.

Asia-Pacific funds took a 27.3% share of total assets up from 26.1% last year. The region's funds had $4.95 trillion in assets, and an annualized five-year growth of 6.1%. The region overtook Europe this year in terms of regional representation in the World 300. Europe's assets totaled $4.8 trillion, with annualized five-year growth of 3.8% and accounting for 26.5% of the total. That compared with a 26.1% share at year-end 2016.

"Pensions in Asia is quite a mixed picture, but in particular the sovereign funds have been growing a fair amount. There isn't the same infrastructure private sector companies being very involved in pensions in Asia. The U.S. has kind of kept its dominant pensions place in the world interestingly, and Europe has gone back," said Mr. Urwin. He noted European pension funds are more associated with "defensive investment positions and maturing liabilities as they have been around for longer — the U.K. and Dutch markets have this characteristic. They pay out a lot, have a little bit less in risk assets, and risk assets have done better over this period of time," he said.

Asset allocation of the top 20 funds has changed over the year. On a simple average portfolio calculation, equities remained the highest exposure for these funds at 42.1%, up from 41.7% in the 2017 study. Bond exposure was 36.9% down from 37.2%, and the remaining 21% was invested in alternatives and cash, compared with 21.1% last year.

On a weighted average basis, the equities allocation of the top 20 funds was 46.3%, up from 44.2% in the 2017 survey; bonds was down to 36.1% exposure from 37.6% last year; and alternatives and cash took the remaining 17.6% of allocations, down from 18.2%.

"Equities produced good returns in 2017. And pensions are a bit overweight equities and alternatives relative to other institutional types (of investors) — they're more long term," although there is a segment of plans closer to maturity that have a higher bonds content, Mr. Urwin said.

Funds would have benefited from these levels of equity allocation, with the Russell 3000 index gaining 21.13% in 2017; the MSCI Europe index gaining 25.51%; the MSCI Emerging Markets index returning 37.28%; and the FTSE All-Share index gaining 13.1% in 2017, despite the threat of a U.K. exit from the European Union hanging over the country.

Currency is a factor

The growth of the World 300 and the top 20 is bigger than in previous years, and Bob Collie, head of research for the Thinking Ahead Group in London, said this also in part reflects the impact of currency. All data in the survey are converted into U.S. dollars, and the currency appreciated 14.15% vs. the euro; 9.51% vs. the pound sterling; and 8.34% vs. the Australian dollar.

However, the dollar depreciated 5.97% against the Indian rupee; fell 3.65% against the Japanese yen; and dropped 6.47% vs. the Canadian dollar.

Mr. Collie also highlighted another ongoing trend in the study: a continued fall in the proportion of defined benefit assets. The 2018 survey found 64.7% of total assets were invested through DB funds, down from 65.5% last year. However, DB assets increased by 13.5%, compared with 5.6% growth in 2016.

Defined contribution assets accounted for 22.7% of the total, up from 22.2% last year, and assets surged 17.6% in 2017. In 2016, DC assets grew 9.6%. Assets in reserve funds — which are set aside by national governments to guarantee pension payments in the future — accounted for 11.8% of total assets in 2017, up from 11.5% in 2017; and also grew 17.6%. In 2016 these assets grew 3.9%.

And hybrid funds, which are plans that incorporate components of both DB and DC, accounted for 0.8% of total assets — steady over the year — and increased 15.1% in terms of asset growth for the year. In 2016 these assets grew 2.9%.

The DB/DC split is a "dynamic that has been in place for some time and is well understood and analyzed," Mr. Collie said. "Everyone is aware of the direction things are going. The surprise, in a sense, is that even though the direction is clear, when it comes to these really big funds they are still predominantly DB funds," he said. "Even though they may not be the long-term future, these are at least the present."