The European Central Bank (ECB) has appointed four asset managers to execute its asset-backed securities (ABS) purchase programme – Amundi and Amundi Intermédiation, Deutsche Asset & Wealth Management International, ING Investment Management and State Street Global Advisors (SSgA).
The ECB said the appointments followed a competitive negotiated tender procedure.
The asset managers will conduct the ABS buying transactions on instructions from, and on behalf of, the Eurosystem, the bank said.
Buying decisions will remain the sole responsibility of the Eurosystem, and it will check prices and perform due diligence before approving the deals, the bank said.
The buying activity is expected to start during November, after the legal act has been published.
The ECB said contracts with the executing asset managers included provisions to mitigate conflicts of interest, such as the separation of teams working for the ECB and those engaged in other activities.
Stan Beckers, chief executive at ING Investment Management – soon to become NN Investment Partners – said: “This mandate (…) allows us to put all our knowledge, resources and experience to support the proactive development of European monetary policy.”
He said the company was proud to have been selected for the task.