UK - The Pension Protection Fund (PPF) has confirmed the appointment of seven global equity managers to help manage its assets.
Currently the PPF, which has around £3.6bn (€4bn) in assets, has an allocation of 7.5% to global equities through Newton Investment Management. However it announced the appointment of seven global equity managers to “complement its existing manager structure”.
A spokeswoman for the PPF confirmed that the asset allocation will remain the same, but because the value of the organisation’s assets is expected to increase significantly it is preparing for this with the new recruits.
Newton will continue to run its existing mandate, then next year as the PPF assets grow the three managers positioned for immediate appointment are expected to be allocated funds for their mandates:
Longview Partners Arrowstreet Capital RCM (UK)
The remaining four managers are placed on a deferred appointment and these will receive funding as and when the PPF requires them to manage assets. (See earlier IPE article: PPF tenders £100m global equity portfolio):
Investec Management MFS International (UK) Sarasin & Partners LLP Lazard Asset Management
And the PPF noted the additional global equity managers would be required to “help extend its existing structure during 2010, and beyond”.
Most recently the organisation issued a tender for an investment advisory panel to assist it when considering investments in specialist asset classes, while in July it appointed four more managers to run its global bond portfolio. (See earlier IPE articles: UK PPF updates investment principles following insolvencies and PPF to set up investment advice panel).
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