The world's 300 largest pension funds saw their assets grow by 6% last year, to reach a new high of $15 trillion (€11.4 trillion), accounting for 47% of all assets worldwide.
According to the P&I/Towers Watson global 300 research, the rate of growth nearly halved from 10% in the previous year, when assets under management stood at $14 trillion.
Latin American and African funds had the highest five-year combined compound growth rate of over 16%, albeit the research notes that both markets are growing from a low base.
Meanwhile, funds in Europe grew by 12%, those in North America by 6% and those in the Asia Pacific region by 5%.
"The continuing growth of most pension markets is genuinely encouraging; despite the fact that many structural issues remain," Chris Ford, global head of investment at Towers Watson, says.
"During 2013, we dared to believe that a number of positive developments presaged the end of the global financial crisis and as it turned out the global economic recovery has continued to gain momentum into 2014."
©2014 funds europe