JP Morgan Asset Management’s decision to part company with key members of its UK institutional client service team has proved, if proof were needed, that pension schemes no longer offer equity managers an automatic route to riches.

The reshuffle in JP Morgan's senior team, which is ongoing, reflects dramatic changes in the asset management market place. While fast-maturing UK schemes have been moving into bonds via de-risking exercises, the number of asset managers competing for business has risen exponentially, as alternatives, loans and passive styles enter the mix.