Investors rush to grab piece of $1.8 trillion UK pensions pie

• Hedge fund Davidson Kempner and asset manager M&G are racing to be among the first firms to inject capital to boost Britain's 1.4 trillion pound ($1.77 trillion) pension sector, industry sources say. In a so-called "capital-backed journey plan", investors provide a pension scheme with extra capital, in return for any investment returns above an agreed level after a set number of years. There has only been one such deal so far, but the market is seen heating up as an alternative to a bulk annuity, which involves the transfer of a pension scheme to an insurer.