What has 2024 got in store for DB pensions and how will fiduciary management evolve?

Colleagues from across Cardano have contributed their thoughts on the macro-economic outlook for 2024, how fiduciary management will evolve to meet the changing needs of trustees and a focus on the risk-transfer market and what we expect to see in the year to come.

Macro-economic expectations: Hunkering down and being patient once more

2023 proved to be a curious year for the global economy and for global investment markets. The global economy has continued to recover from its post-pandemic shock and, rather surprisingly, has remained resilient in the face of rising geopolitical risks and the ongoing cost-of-living crisis This overarching resilience, especially in the US, is notable because it has taken place within an environment that has seen the world’s central banks deliver their most aggressive interest rate hiking cycles of recent economic history.

But, in our view, the global economy is limping along rather than decisively establishing a new upward trend.

Across regions, there has been growing divergences. In the US and, to a lesser extent, in Japan, strong growth momentum through the Spring and Summer of 2023 has led many market commentators to upgrade their expectations for 2024. Whereas, in China, a muted response to the post-lockdown reopening of the economy has disappointed the more optimistic expectations of how China might support global growth.

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