A group of pension providers is seeking to pitch more money towards investments in AI and Fintech sectors, as per a Bloomberg report.
Dubbed the “Sterling 20 Group”, the effort is part of the government’s effort to improve outcomes when it comes to seeking regional investment opportunities.
Pension providers already face barriers to investment when it comes to the private sector, such as performance fees.
Chancellor Rachel Reeves has been vocal about pension funds supporting the domestic economy, after years of outflows from domestic assets.
The update comes after major U.S. tech firms agreed to invest 150 billion British pounds into the U.K. economy.
The U.K. government this year has said that it will use its reserve power to compel pension funds to invest more in the country’s economy.
This has been met with considerable opposition from investment managers who have said that customers reserve the right to invest their money wherever they prefer to do so.