EUROPE - The newly created Nestlé Capital Management (NCM) is to take over from Nestlé UK Pension Trust Ltd or Fonds de Pensions Complementaire Nestlé as investment manager for the company's in-house Robusta funds.
The announcement was made in a stock exchange filing.
NCM will take over management of the funds from January 2 2007 and will be headed by Peter Tait, the former head of Nestlé UK Pension Trust Ltd.
He will be assisted by a compliance officer and 15 professional investment managers, the filing said. NCM will have £4.3bn (€6.4bn) in assets under management.
Nestlé's other newly created entity, Nestlé Capital Advisers, a provider of actuarial and other related services, will take over as investment allocation manager for all of he trust's funds.
The Robusta Fund trust consists of the following funds:
- Robusta UK Equity Fund
- Robusta Europe ex-UK Equity Fund
- Robusta Japan Equity Fund
- Robusta Global Bond Fund
- Robusta Global Inflation-Linked Bond Fund
- Robusta Money Market Fund
- Robusta Active Currency Overlay Fund
- Robusta Euro Bond Fund