An examination of U.S. market structure shows an industry that is still coming to terms with the effects of its short courtship and hasty marriage with technology.

Solicitation activity rebounds as anticipated, but large investors are very selective.  

Diversification and globalization themes continue; overall hiring levels remain muted.  

Blended default funds remains the dominant option among DC schemes.  

Multi-asset fees are the highest paid by European institutional investors, followed closely by active developed market equities.  

Overall equity allocations drop to a record low, but active international equity allocations has increased driven by strong market performance; total LDI allocations are significant at 15%.  

Use of diversified fixed income to drive return has continued to strengthen at the expense of traditional allocations; alternatives hiring expectations are strong.  

At a European level asset allocation remains stable. Fixed Income dominates, driven by allocations outside the Nordics.   

Consultant intermediation slips slightly among corporates as third party advisors increase their presence in the marketplace.  

Consultant use strengthens in Germany as the interest rate environment forces investors to revisit strategy and seek advice.