The allure of the panacea, the mythological remedy for every ailment, is enticing the only expanding part of the pensions industry to put more and more money into multi-asset strategies, also known as diversified growth funds.

Defined contribution schemes, a retirement benefit where the individual bears the investment risks, are increasingly interested in multi-asset funds as an alternative to the approach of passively investing in equities and bonds that became established in the 1990s and 2000s.