Pension fund trustees pension funds are not devoting enough attention to allocation of assets, according to Mark Duke, principal at investment and actuarial advisory firm Towers Perrin. He says: "Too much time and money is being spent on manager research, and not enough on asset allocation, managing risk and other key issues currently facing funds."

Duke is returning to his actuarial roots after temporarily heading manager-research duties at Towers, following an exodus of investment consultant talent from the firm.