Infrastructure was the winning alternative asset class last year, with Macquarie Group topping the table of managers looking after alternative assets for pension funds globally, according to Watson Wyatt’s global alternatives survey.

Macquarie’s assets more than doubled to $44.4bn (£27bn, €32bn), but the Australian infrastructure specialist bucked the trend, with a 1 per cent drop in assets managed by the top 100 managers to $817bn.