In her maiden Mansion House speech, Chancellor Rachel Reeves has proposed one of the most radical overhauls to the £400bn UK local authority pension system in a generation. The principal proposal is the creation of a small number of megafunds, with the critical mass to invest significantly in infrastructure projects in both the UK and abroad.
While clearly benefiting UK infrastructure and the very largest asset managers, is this at the expense of small boutique managers, who drive innovation and competition and therefore in the best interest of pensioners or the asset management industry.
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