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56
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years building partnerships with US public plans
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United States, Institutional
Change
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148
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US public plan clients
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70%
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of the top 20 US public plans partner with us
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USD 62 B
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US public plan assets entrusted to us
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How we work with public plans
Researchers
We put ourselves in plan sponsors' shoes and conduct timely, relevant asset allocation analysis.
Allocators
We draw on a wide range of investments, including equity, fixed income, real asset, liquid alternative, private, and opportunistic strategies.
Portfolio managers
We serve as a fiduciary for strategies in every asset class, including custom solutions to client objectives.
Strategic partners
We collaborate with plan sponsors on their goals across their organization.
Meet our Public Plan experts
Adam Berger, CFA
Multi-Asset Strategist
Our public plan research is led by Adam Berger, Multi-Asset Strategist. He develops research from an allocator’s perspective, advises clients and prospects on a range of investment policy and governance issues, and serves as the portfolio manager for bespoke multi-manager investment solutions. In this role, he meets regularly with plan sponsors and shares his latest thinking in his quarterly Top of Mind webcast, as well as a wide range of articles and white papers. Click here to learn more about his research.
Amy Morse, CFA
Director of Pension Strategies and Relationship Manager
As director of Pension Strategies, Amy is responsible for identifying, sharing, and acting on major trends in the pension marketplace. She works closely with various groups across Wellington to ensure that the firm is positioned to be a go-to resource and provide solutions to public DB plans. Amy also serves as a relationship manager for our public DB plan clients, helping to bring to bear our full range of resources and services on their behalf. These services include assisting with long-term investment strategy and policy issues, evaluating portfolio risks and performance, and ensuring compliance with policy guidelines and applicable regulations.
10 trends we're seeing among public pensions
Adam and Amy share the “top 10” trends they’re seeing across public plans.
- Investment teams and boards are following markets (and politics) with a closer eye
- We’ve seen an uptick in hedging discussions, but endowments and foundations have been more likely to implement outright hedges than public-fund peers
- A handful of plans are considering raising actuarial ROA targets
- A recent Wellington poll of public plans found nearly a quarter expect to increase non-US equity exposure
- There’s been healthy activity in replacement searches for active managers
- Public fixed income interest is barbelled, with plans seeking exposure to core bonds and higher-returning/credit-sensitive areas
- Plans are also seeking dynamic and multi-sector strategies given market conditions (high volatility, lower spreads)
- Private credit remains in demand, with rising interest in public/private “hybrid” approaches — members of our private investments team discuss the public/private convergence here
- Some have slowed the pace of new commitments/new managers
- A few big plans have made headlines using the secondary market for liquidity, but others are inclined to be secondary buyers
- Members of our privates and trading teams explain why “IPOs aren’t dead, they’re just napping”
- Institutional interest pales in comparison to retail, but federal and state government policies are drawing attention to the topic
- Several states have passed legislation establishing a framework for state investments in crypto, and others have proposals in play
- We are not seeing a lot of asset movement in this area yet — and thoughtful skeptics remain
Research Spotlight: US public pensions on the move
Our public pension experts share their latest research on asset allocation trends and what they could mean for plans’ ability to hit their return targets. They also offer their top investment ideas for putting plans on a better path forward.
Check out ADAM'S latest insights
Showing
of
Insights Posts
Article
14 min
The long and short (term) of markets
Head of Multi-Asset Strategy Adam Berger offers a four-part plan for short-term volatility and looks at the longer-term implications of shifting capital market expectations.
14 min
Article
2027-01-01
Article
10 min
Lessons learned from a top-heavy equity market
Can the Magnificent Seven stocks continue to dominate the equity market? And what can asset owners do when markets are narrow? Head of Multi-Asset Strategy Adam Berger and Global Equity Strategist Andy Heiskell discuss the challenges and opportunities.
10 min
Article
2026-04-30
Whitepaper
12 min
When will capital come back to private equity?
Head of Multi-Asset Strategy Adam Berger and Head of Late-Stage Growth Matt Witheiler consider the state of the private equity market, including liquidity challenges, the effects of higher interest rates, late-stage opportunities, and the impact of AI.
12 min
Whitepaper
2026-03-31
Article
15 min
The allocator’s checklist for 2025 and beyond
Head of Multi-Asset Strategy Adam Berger offers near- and longer-term ideas for allocators, including thoughts on alternatives, potential market surprises, and risk management.
15 min
Article
2026-01-30
Article
6 min
Three performance drivers could help hedge funds rev up returns
Alex King and Adam Berger, members of our Investment Strategy & Solutions Group, explain why we're at a turning point for economic and market conditions that could benefit hedge funds and make them a potentially valuable addition to a multi-asset portfolio.
6 min
Article
2025-12-31
Article
Alternative Investment Outlook
This collection provides timely ideas across the spectrum of alternative investments -- including hedge funds, private equity, and private credit.
Article
2025-12-31
Article
15 min
A guide to investing in the age of anxiety
There's a long list of issues worrying asset owners, from geopolitical risk to high valuations. To help, Head of Multi-Asset Strategy Adam Berger offers coping tips for an uncomfortable investment backdrop and a world where investing rules of thumb may be broken.
15 min
Article
2025-12-01
Whitepaper
15 min
“Goldilocks” and the three drivers of hedge fund outperformance
Members of our Investment Strategy & Solutions Group explain why shifting economic conditions may bode well for hedge funds broadly but also see reasons that manager selection may be more important than ever.
15 min
Whitepaper
2026-11-30
URL References
Related Insights
Key capabilities
Alternatives
We leverage in-depth research, specialized teams, and our firm’s scale and resources to develop alternative investment solutions to clients’ evolving needs — including a broad range of hedge funds and private investment strategies.
Equity
Our actively managed equity approaches span disciplines, geographies, industries, market capitalizations, and styles in order to meet our clients’ objectives.
Fixed income
From broad market solutions to strategies based on specific duration, geographic, or sector parameters, we have the capabilities to help meet our clients’ needs.
Private investing
Our Private Investing teams offer differentiated solutions across sectors by drawing on their backgrounds as entrepreneurs, investors, scientists, and more, and garnering insights from our public market experts to harness value across all company growth stages.
- Director of Pension Strategies and Relationship Manager
Let’s talk public plan strategy
To learn more about how we can help public plans pursue their investment objectives, please contact us.
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