Liability-driven investment has now swallowed up so much of the UK's pensions market it might even risk the future of active stock-pickers, according to KPMG.

Collectively, UK pension funds now have around half of their money under management in LDI, a bond-heavy form of low-risk pensions management where strategies can range from relatively simple portfolios of UK gilts to sophisticated strategies featuring the use of interest-rate and inflation swaps.