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The mean funding ratio was increased the past 12 months.  
Manager fees paid decreased across products over the past 12 months.  
22% of respondents expect to hire a new manager in the next 12 months.  
Asset allocation targets are expected to shift away from fixed income products over the next three years.  
Recent good times for the buy side could be coming to an end.
As strategic discussions return to the agenda, solicitation activity rebounds as anticipated.  
Diversification and globalization themes continue; overall hiring levels remain muted.  
At a European level asset allocation remains stable. Fixed Income dominates, driven by allocations outside the Nordics.   
Consultant use strengthens as the interest rate environment forces investors to revisit strategy and seek advice.  
Multi-asset fees are the highest paid by European institutional investors, followed closely by active developed market equities.  

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