Pension funds drift offshore

By October, 57.9% of the P56.6 billion in local pension funds was invested across various asset groups offshore, compared with just 51.5% in January 2013.

While asset managers have traditionally preferred the offshore market for its diversity of assets and returns, local pension began drifting homeward early in 2012 due to global uncertainties, the perceived insulation of the domestic market and the introduction of new asset vehicles locally.