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"Cult of equity": actuaries and the transformation of pension fund investing, 1948–1960

Avrahampour, Yally ORCID: 0009-0003-9603-399X (2015) "Cult of equity": actuaries and the transformation of pension fund investing, 1948–1960. Business History Review, 89 (02). pp. 281-304. ISSN 0007-6805

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Identification Number: 10.1017/S0007680515000367


This article examines the mid-twentieth-century transformation of U.K. pension fund investment policy known as the “cult of equity.” It focuses on the influence exercised by the Association of Superannuation and Pension Funds over actuarial and corporate governance standards, through actuaries who were members of its council. This intervention led to increasingly permissive actuarial valuations that reduced contributions for sponsors of pension funds investing in equities. Increased demand for equities required pension funds to adopt a more permissive approach to corporate governance than insurance companies and investment trusts, and contributed to declining standards of corporate governance.

Item Type: Article
Official URL:
Additional Information: © 2015 The President and Fellows of Harvard College
Divisions: Management
Subjects: H Social Sciences > HJ Public Finance
Date Deposited: 02 Oct 2015 13:36
Last Modified: 03 Jul 2024 17:06

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