9  For mixed evidence of the countercyclical behaviour of U.K. pension funds during the crisis, see A. Haldane, “The Age of Asset Management?” (Speech delivered at the London Business School, London, U.K., 4 April 2014). www.bankofengland.co.uk/publications/Documents/speeches/2014/speech723.pdf. 10  Recent increases in long-term interest rates have also improved solvency ratios.
Also see K. Ambachtsheer et al., “Risks of a Prolonged Low-Interest-Rate Environment for the Pension Sector”. Report Submitted to the Global Risk Institute, Rotman School of Management, University of Toronto. (September 2013). 11  In their search for yield, pension funds should avoid taking in “crowded” positions and taking other common exposures that reduce market diversity and their contribution to financial stability.