Private equity helps matters, but track records of outperformance don’t sway actuaries. Falling interest rates are pushing down the expected return on assets (EROA) at pension funds, an unwanted development for all managers and especially aggravating, perhaps, for those who have historically been able to outperform expectations. That was among the takeaways from a recent NeuGroup pension roundtable. Blame it on the actuaries. The pension fund manager at a major media company maintained an EROA of 7.5% over the last…
