Bayersiche Versorgungskammer taps SSGA for E860m
GERMANY – State Street Global Advisers has been appointed to run just under one billion dollars (860 million euros) in mandates for the Bayersiche Versorgungskammer.
Klaus Esswein, managing director of State Street Global Advisers in Munich, said that it had been awarded two mandates by the pensionskasse this week.
The fund manager will be running a 760 million-euro indexed equity mandate, and a 120 million-dollar (102 million-euro) S&P500 mandate.
It is understood that the Versorgungskammer is in the process of a large restructuring of its assets and securities. The SSGA mandates are within the restructuring of the total portfolio, said Esswein.
No one at Bayerische Versorgungskammer was available for comment by press time. As of the end of 2002, Bayersiche Versorgungkammer covered 1.2 million people, and had assets of 27 billion euros.