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Empower Bulks up by Adding Prudential Unit July 26, 2021 PIonline.com $16 an issue / $350 a year THE INTERNATIONAL NEWSPAPER OF MONEY MANAGEMENT Shoko Takayasu/Bloomberg Defined Contribution Defined Contribution Fidelity enjoys big year among Empower bulks lineup changes up by adding in 401(k) plans By ROB KOZLOWSKI Prudential unit More than 100 U.S. corporate 401(k) Acquisition will solidify firm’s position plans made changes to their investment as second-largest record keeper in U.S. options in 2020 amid the challenges of the COVID-19 pandemic, continuing to emphasize cost savings in reviewing By MARGARIDA CORREIA their fund lineups, a Pensions & Invest- ment analysis of recently released 11-K The fight for dominance among record keepers intensi- filings shows. fied this month as Empower Retirement stepped forward Less than 1 in 8 plans disclosed chang- with plans to acquire Prudential Financial Inc.’s retirement es in their lineups, but many of those business for $3.55 billion. that did so changed their index fund The deal, announced July 21, will add more than 4,300 providers, with Fidelity Investments workplace retirement plans with about 4 million partici- seeing a number of pants and $314 billion in wins and Vanguard assets to Empower’s Group Inc. seeing EXPOSURE: Masataka Miyazono said despite gains, GPIF is still below its private markets target. rapidly growing plat- a number of losses form. When the deal Pension Funds for the second year closes as anticipated in Antonio Esposito in a row. the first quarter of 2022, P&I compared Empower will have 16.6 880 11-K filings with Japan funds’ private markets million participants, the Securities and narrowing the gap with Exchange Com- diversification proceeds slowly its next nearest rival — NEXT LEVEL: Jessica mission between and record-keeping in- Ludwig cited strong May 28 and June 30 By DOUGLAS APPELL RELATED CONTENT dustry leader — Fidelity returns as pushing with filings in 2020 Investments, which as of smaller plans’ assets and found that 101 Japan’s top public pension funds — Active managers earn their pay. Page 10 Sept. 30 had 25.7 million high enough for CITs. U.S. corporate 401(k) led by the ¥186.2 trillion ($1.7 trillion) participants, according plans added at Government Pension Investment Fund ¥397.5 billion to ¥1.34 trillion, less than to Pensions & Invest- GROWING: Edmund F. Murphy III least one investment option last year. — continued adding private equity, in- half of the fund’s roughly ¥3 trillion in ments data. said the deal will let Empower Those plans had assets totaling $229 frastructure and real estate assets to outstanding commitments to alterna- Empower’s record- continue to build scale. billion and added 281 individual invest- their portfolios last year but with little tives managers. keeping assets will swell ment options and 21 target-date fund to show for it in terms of lessening But with last year’s huge stock mar- to approximately $1.4 trillion administered in some 71,000 lineups from 57 managers in the year their reliance on equity market beta. ket rebound from pandemic lows ac- workplace retirement plans. By comparison, Fidelity had ended Dec. 31. Plans in that same uni- Masataka Miyazono, GPIF’s presi- counting for 94% of GPIF’s record $2.58 trillion in assets in almost 30,000 plans as of Sept. 30. verse removed 274 individual invest- dent, in a July 2 briefing on GPIF’s re- ¥37.8 trillion gains for the year, that To be sure, the transaction will solidify Empower’s posi- ment options and 15 target-date fund sults for the fiscal year ended March more than $3.5 billion increase in al- tion as the No. 2 record keeper in the U.S. The company will lineups from 66 managers during the 31, said the value of the fund’s private ternatives — focused on infrastructure widen its lead over TIAA-CREF, which as of Sept. 30 had same period. markets holdings for the year jumped SEE JAPAN ON PAGE 26 6.4 million participants and $656.5 billion in assets. It will SEE CHANGES ON PAGE 28 also leave fourth-ranked | SEE EMPOWER ON PAGE 25 SPECIAL REPORT DC MONEY MANAGERS AND RETIREMENT PLAN ADVISERS Daniel Burke Market returns make up for lower participant flows Assets in DC plans increase RELATED CONTENT out the year. The outbreak of COVID-19, along with last year’s market volatility, 11.9% to $8.88 trillion in Advisers look to the PEP market for caused plan participants to either pull 2020, mostly on stock gains growth. Page 14 money out of their retirement plans or stay the course and not contribute more, By MARGARIDA CORREIA cording to Pensions & Investments’ a n - industry observers said. nual survey of U.S. institutional money “The biggest driver for the increase Assets in defined contribution re- managers. was asset appreciation as actual net tirement plans climbed to a new year- Internally managed defined contri- flows — due to the impact of the end high last year, thanks almost en- bution assets rose even more, jumping COVID-19 — were modest,” said Jim tirely to stock market gains. 14.7% to $7.95 trillion. Danaher, a principal and investment At the end of 2020, U.S. institutional The robust growth might have been consultant in the wealth practice at NO. 1: Matthew Brancato pointed to Vanguard’s target-date business as tax-exempt assets rose 11.9% to $8.88 stronger were it not for the pandemic, Buck Global LLC in St. Louis. one of the firm’s strengths that keeps it atop the industry. trillion from $7.94 trillion in 2019, ac- which stymied new asset flows through- SEE DC MANAGERS ON PAGE 18 SOUND BITE Divergent paths for U.S., Japan equities LASALLE INVESTMENT MANAGEMENT’S JACQUES U.S. and Japanese equities GORDON: ‘A lot of tenants are doing anything have diverged since the onset they can to cut losses and sublet office space.’ of the pandemic, with U.S. Page 3 stocks far outpacing Japan. PIonline.com/riskwatch 2 | July 26, 2021 Pensions & Investments IN THIS ISSUE ESG VOLUME 49, NUMBER 15 Next climate summit inspires early movers Some asset owners, managers CHANGE AGENTS: Jessica Fries thinks and regulators want to get that while pension Aston Trevor a jump on achieving net-zero funds are exposed to risks because of climate change, they By HAZEL BRADFORD are ‘also powerfully positioned to As expectations build for the pivotal influence a United Nations climate-change conference sustainable this fall, many asset owners, managers and outcome.’ regulators are not waiting to take action. The goal of what is known as the COP26 summit beginning Oct. 31 in Glasgow, Scot- 20 land, is to accelerate action toward the goals of the Paris Agreement and the U.N.’s cli- Courts mate-change framework. Koch Industries agreed to pay $4 million Before then, many pension fund officials to settle a lawsuit accusing the company and regulators are taking matters into their of allowing the record keeper of its defined own hands, stepping up commitments to contribution plans to charge excessive net-zero emission goals and to enhanced fees. Page 19 disclosure recommended by the Task Force on Climate-related Financial Disclosures. Defined contribution One ambitious move came July 14 when the European Commission unveiled a The U.K. Department for Work and Pensions sweeping package of legislative proposals to holding their fiduciary duty to provide among other actions. The 14 signatories to is seeking views from trustees and plan reduce net greenhouse gas emissions by at long-term, risk-adjusted returns to their the A4S Pension Fund Chair Net Zero State- sponsors on its draft collective defined least 55% by 2030. The “Fit for 55” package is members. ment of Support pledge coordinated by the contribution plan regulation. Page 19 part of the European Green Deal aimed at That was the motivation for pension fund Accounting for Sustainability Project at the making it the first climate-neutral continent chairmen overseeing a collective £267.9 bil- Prince of Wales’s Charitable Foundation in- Pension funds by 2050. The ambitious plan calls for new lion ($372.2 billion) in pension assets in the clude the chairs of HSBC Bank Pension A CalPERS-backed bill that would have kept policies on climate, energy, land use, trans- U.K. and Australia on July 14 to commit to Trust U.K. Ltd., Barclays U.K. Retirement certain details related to its private debt portation and taxation to achieve 55% lower net-zero emissions targets and to align their Fund, Unilever U.K. Pension Fund, Tesco investments secret failed to pass out of emissions than 1990 levels. investment portfolios with a path toward a PLC Pension Scheme, BT Pension Scheme, committee. Page 6 For pension fund officials, it’s about up- temperature increase of 1.5 degrees Celsius, SEE CLIMATE ON PAGE 28 People Defined Contribution Angela Miller-May was named chief investment officer of the Illinois Municipal Retirement Fund, one of several leadership U.K. push for value could spark opportunity changes in July. Page 20 Master trusts likely participants could be getting bet- Special report: DC money ter value from another provider, managers and retirement plan to gain as DC sponsors which could include a multiem- Jon Rowley advisers review plan providers ployer plan, known in the U.K. as a Retirement plan advisers are delving into master trust. the pooled employer plan market as 3(38) Meanwhile, plan sponsors that investment managers. Page 14 By PAULINA PIELICHATA have already outsourced their DC arrangements to master trusts over Washington U.K.
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