Too big to invest? Asset allocation for supersize pension funds

With limited capacity to adapt quickly to market conditions, large funds must be careful how they design their portfolios for the future. Blake Evans-Pritchard reports

All pension funds, big and small, have to make sure they adequately match their assets and liabilities, and avoid the possibility that their coverage slips below what is deemed an acceptable level.
Many pension schemes have taken steps to derisk, often by reducing exposure to riskier assets or seeking a company that is in a position to execute a buy-out. But, for really large pension schemes, such options are often not on the table.

When it comes to asset-liability matching (ALM), larger schemes