A survey sponsored by the National Association of Pension Funds and the Investment Management Association has shown that a majority of pension funds retain their investment managers for five years or more.

The survey, carried out by Mori, the market research group, sets out to demonstrate that pension funds are not short termist in their thinking. On the contrary, its 140 respondents say that 39% of managers have been retained for 10 years or more. A further 18% have been retained for more than five years.