By the Numbers for November 2023

Pension risk transfer activity
Total completed transactions (billions)
  
Most recent transactions (millions)
TypeSponsorDateAssets
Thales UK Pension SchemeDec. 1$3,400
Unisys Corp.Nov. 27$250
The Co-operative GroupNov. 24$5,000
Walgreens Boots AllianceNov. 24$6,000
MMC U.K.Nov. 16$2,500
Deutsche BankNov. 13$619
Air FranceNov. 6$40
Newell BrandsOct. 30$168
Bayer Corp.Oct. 27$339
Owens CorningOct. 25$291
Allegheny TechnologiesOct. 18$1,770
London Stock Exchange GroupOct. 11$410
Danske BankSep. 25$352
Cable and Wireless Superannuation FundSept. 21$364
ITB Pension FundsAug. 30$368
Sandy Spring BancorpAug. 29$34
For details on all recent pension risk transfers, click here.
Funding ratio of S&P 500 pension plans
Trailing 12-month returns by asset class
20222023
DecemberJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovember
Cash1.5%Cash1.9%Cash2.2%Cash2.6%MSCI ACWI ex-U.S.3.0%Cash3.3%S&P 500 19.6%MSCI ACWI ex-U.S.13.4%S&P 500 15.9%S&P 50021.6%MSCI ACWI ex-U.S.12.1%S&P 50029.9%
High Yield-11.2%Russell 2000-3.4%High Yield-5.5%High Yield-3.3%Cash2.9%S&P 500 2.9%MSCI ACWI ex-U.S. 12.7%S&P 50013.0%MSCI ACWI ex-U.S. 11.9%MSCI ACWI ex-U.S.20.4%MSCI EM10.8%Russell 200022.0%
BB U.S.  Agg -13.0%High Yield-5.2%Russell 2000-6.0%BB U.S.  Agg-4.8%S&P 500 2.7%High Yield0.0%Russell 200012.3%MSCI EM8.3%High Yield7.2%MSCI EM11.7%S&P 50010.1%Real Estate19.7%
MSCI ACWI ex-U.S.-16.0%MSCI ACWI ex-U.S.-5.7%MSCI ACWI ex-U.S.-7.2%MSCI ACWI ex-U.S.-5.1%High Yield1.2%MSCI ACWI ex-U.S.-1.4%High Yield9.1%Russell 20007.9%Russell 2000 4.7%High Yield10.3%High Yield6.2%MSCI ACWI ex-U.S.9.1%
S&P 500-18.1%S&P 500-8.2%S&P 500-7.7%S&P 500-7.7%BB U.S.  Agg-0.4%BB U.S.  Agg-2.1%Cash3.7%High Yield4.4%Cash4.4%Russell 20008.9%Cash4.9%High Yield5.3%
Global ex-U.S. fixed income -18.7%BB U.S.  Agg-8.4%BB U.S.  Agg-9.7%MSCI EM-10.7%Russell 2000-3.6%Russell 2000-4.7%MSCI EM1.7%Cash4.1%MSCI EM 1.3%Cash4.6%Global ex-U.S. fixed income2.6%MSCI EM2.7%
MSCI EM -20.1%MSCI EM-12.1%Real Estate-14.4%Global ex-U.S. fixed income -10.7%Global ex-U.S. fixed income-3.9%Global ex-U.S. fixed income-6.5%BB U.S.  Agg-0.9%Global ex-U.S. fixed income -2.5%-2.5%Global ex-U.S. fixed income 0.6%Global ex-U.S. fixed income3.4%BB U.S.  Agg0.4%Cash0.1%
Russell 2000-20.4%Real Estate-12.6%MSCI EM-15.3%Russell 2000-11.6%MSCI EM -6.5%MSCI EM -8.5%Global ex-U.S. fixed income -1.8%BB U.S.  Agg-3.4%BB U.S.  Agg-1.2%Real Estate2.8%Real Estate-4.1%BB U.S. Agg-1.2%
Real Estate-23.6%Global ex-U.S. fixed income-14.2%Global ex-U.S. fixed income-16.7%Real Estate-20.3%Real Estate-14.3%Real Estate-14.8%Real Estate-3.9%Real Estate-6.5%Real Estate-4.2%BB U.S.  Agg0.6%Russell 2000-8.6%Global ex-U.S. fixed income-5.0%
Leading advisers, law firms aiding pension risk transfers
Advisers ranked by volume
Law firms ranked by volume
Sources:P&I Research Center; LGIM Americas; Bloomberg LP