UK - The £864m (€1.1bn) pension scheme of ship repair company Devonport Royal Dockyard, now part of the Babcock group, has appointed BlueBay to manage a corporate bond mandate.

BlueBay said in a statement today it will manage a £45m investment grade corporate bonds mandate for the pension scheme.

The pension fund was unavailable for comment today, though IPE understands the scheme has so far invested over half of its assets in both foreign and domestic equities.

That said, it is unclear if BlueBay is replacing a previous manager, or if this is a new mandate.

BlueBay, founded in 2001, is listed as the 256th largest asset manager in Europe, according to IPE's Top 400 asset manager annual manager survey, as the firm is one of the largest independent managers of fixed income credit funds and products in Europe and now has $21bn (€13.6bn) in assets under management.

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