"The trend away from traditional asset classes observed in recent years continues. Investors have increased allocations to global strategies and more diverse mandates, including investment in alternative assets and diversified growth funds," said Deb Clarke, the global head of investment research at Mercer.

In the "2013 Global Manager Search Trends" report, global search activity ran at similar levels to 2012 with a notable increase in the value of assets placed. Mercer undertook a total of 760 searches in 2013, from 776 in the prior year. Increases were seen particularly in Asia, Europe (ex-UK) and the UK itself. 

In Asia, manager search activity rose from 17 in 2012 to 66 in 2013, with assets placed rising from $2 billion to $3.5 billion. Global equity had the most searches, while the largest amount of assets placed was in international multi-asset. The growth in searches has been driven by Japan in particular.

" is likely to be a result of 'Abenomics,' that is, the current economic polices of fiscal stimulus, monetary easing and structural reforms in Japan. We interpret the growth as evidence that many investors in Asia are seeking to diversify their portfolios beyond the local markets," noted Garry Hawker, director of strategic research for growth markets.

In Australia, there was a slight drop in search activity, from 111 to 85, coupled with a considerable rise in assets placed, which jumped from $6.8 billion in 2012 to $13.7 billion in 2013. The most popular search were Australian equity and global equity, with modest increases observed in alternatives and multi-asset categories. 

The report is based on search activity reported by Mercer consultants via its global client database in 2013. It covers 760 total fund manager searches representing $60.6 billion in institutional fund assets worldwide.