Are UK pension funds hostage to the fortunes of the US economy?

25th November, 11am-12.30pm, J.P. Morgan Asset Management, 60 Victoria Embankment, London EC4Y 0JP

UK pension funds are heavily exposed to the US economy. Join us to discuss what that means on the 25th November
25th November, 11am-12.30pm

In recent years, DC pension funds’ exposure to the US stock market has been positive for UK investors. The S&P 500 has delivered an annual average return of 14% for the last 10 years. However, that performance has come from a highly concentrated sector: 52% of the return over the period came from technology companies, partly fuelled by excitement over the potential of AI.

This prompts some key questions for investors. How long can we expect them to continue their current trajectory and what could spark a change?

There are other sources of uncertainty which could disrupt the US economy more broadly. Political uncertainty is high among them. As the dust settles following the US midterms, we reflect on what the result means for investors.

As 2026 comes to an end, we look ahead to next year and consider what could affect the fortunes of UK DC pension schemes. How exposed are UK pension schemes to the US economy right now, and should this change? What headwinds could be coming, and how can UK pension funds better insulate themselves?

We hope you can join us for this important conversation.

Please register here. This event is open to pension funds, consultants and other advisers. Asset managers must be DCIF members to attend.

Register Now

Gurpreet Garewal

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Asset & Wealth Management
Goldman Sachs Asset Management

Gurpreet is a Macro Strategist and Co-Head of Public Investing Market Insights. She conducts macro research, authors market and macro publications, and shares perspectives on economic developments and investment themes with clients and the media. Gurpreet earned a BSc in Mathematics and Economics from the London School of Economics and Political Science in 2013

Aaron Hussein

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Vice President, Global Market Strategist
J.P. Morgan Asset Management

Aaron provides research-driven analysis on the global economy and markets, with a particular focus on alternative asset classes. He is responsible for thought leadership on private equity, private credit, real assets, and hedge funds, including the production of J.P. Morgan Asset Management’s flagship Guide to Alternatives. He communicates these views directly to clients across the UK and Europe.

Prior to joining J.P. Morgan Asset Management, Aaron was a Senior European Economist at CBRE, where he produced research on the European economy and private real estate markets for institutional clients. He holds a Master’s degree with Distinction in International Finance and Economics from the University of Sussex and is a CAIA Charterholder.

The asset managers that make up the DCIF are committed to promoting investment best practice within DC pension schemes.