There has been a substantial increase in the number of pension funds that change their fund managers and investment strategies, according to a survey the UK performance measurer Combined Actuarial Performance Services (Caps).

In 1999 16% of funds were making investment changes, but in 2000 the figure rose to 23%. The rise in movement can be partially attributed to the general trend of funds running passive core portfolios supported by active specialist satellite mandates, said Alan Wilcock, director of research and development at Caps. The deadline for addressing minimum fund requirement (MFR) valuations, which occurred last year, also prompted movement within funds, said Wilcox.