UK – The Lloyd’s Superannuation Fund – part of Lloyd’s of London - has awarded an £185m (€271m) fixed income mandate to AEGON Asset Management UK.
Watson Wyatt advised the trustees of the fund. IPE understands that it was a competitive tendering process.
“AEGON were selected after a thorough review of bond managers. We were looking for someone with a global presence, good processes, in-depth research capabilities and highly rated people,” said Lloyd’s Superannuation Fund pensions manager Robert Clark.
“AEGON has all this and a proven track record. We look forward to working with AEGON over the coming years."
The mandate is designated for investment in a mix of UK gilts, and a combination of index-linked and corporate bonds “with the ability to invest tactically in overseas fixed income,” said a press statement released.
“We are delighted to take on this mandate for Lloyd’s, and we look forward to continuing to work closely with the scheme representatives and their advisors, Watson Wyatt, in the future,” said AEGON head of institutional business development Louise Kay.
“Pensions schemes are increasingly looking at ways of getting more value from their fixed income investments.”
According to the release, this is the most recent in a series of mandates awarded to AEGON this year. The group manages approximately £35bn on behalf of institutional, retail-fund and insured clients.