UK - The £320m (€468m) London Borough of Bromley Pension Fund has awarded Crédit Agricole Asset Management a £40m (58.5m) absolute return mandate.

The borough, southeast of London, has tapped CAAM to run the liability driven investing/target return brief, the asset manager said.

CAAM said the assets would be managed by its global bond, currency and absolute return team under Vincent Chailley.

"The appointment follows a comprehensive tendering and evaluation process conducted by London Borough of Bromley, assisted by bfinance," CAAM said.
"The CAAM appointment completes Bromley's review of its pension fund investment management arrangements," said Paul Dale, Bromley's director of resources, in a CAAM release.

"CAAM's proposal provided the best solution to the fund's objective of securing a greater element of stability and liability matching in part of the fund to complement more aggressive benchmarks agreed with the fund's two existing balanced managers, Baillie Gifford and Fidelity. We are looking forward to working with them."

"We are delighted that The London Borough of Bromley has chosen CAAM to manage its LDI/Target Return mandate, our third Local Government Pension Scheme mandate win since mid-2005," said CAAM's director of institutional business development Ian Milton.