Most US institutional investors are planning to cut their overall allocations to actively-managed equities in favour of alternatives and fixed-income, according to new research, but equities managers could still benefit from increased interest in non-US share funds.

A survey of 51 chief investment officers at US pension funds, endowments and investment advisers found that just over half plan to reduce their allocations to active equities over the next three years. However, within their equities strategies, 68% plan to increase their allocations to non-US equities. The survey was conducted by analysts at Keefe, Bruyette & Woods in May, and the results were published today.