UK - The KLM (UK) Pension and Life Assurance scheme has appointed Blue Sky Group as new fund manager for its £34.8m scheme following an investment review by adviser Gissings.

Previous fund managers Legal & General and Baillie Gifford came under review after a "rigorous and competitive evaluation" as part of the wider investment review "to determine the most appropriate long term strategy" also resulting in a new asset allocation strategy, the consultancy firm announced today.

Rob Kies, chairman of the trustees for the pension fund said that the trustees found Blue Sky Group the best choice to manage the scheme's assets, adding: "We expect a beneficial partnership with Blue Sky Group."

Gissings' director of actuarial and investment services, Martin West, said that the new asset allocation strategy "will more closely match the liability profile of the defined benefit section of the scheme and thus better protect the long term interest of scheme members".

Amstelveen-based Blue Sky Group runs the Dutch pension assets of KLM.