UK's PPF awards four mandates
The Pension Protection Fund (PPF) in the UK has named three asset managers and a custodian as it seeks to take a “proactive” approach to managing the assets raised by its levy.
It named Insight Investments and PIMCO as asset managers for fixed income, with Goldman Sachs Asset Management taking a deferred appointment. State Street was named as custodian.
“All four companies bring a wealth of knowledge and experience that will enable the PPFund to deliver its strategic investment objectives,” says PPF chairman Lawrence Churchill.
The appointments came as the PPF published a statement of investment principles outlining how it will invest the cash raised by its levy. Initial investment will be in government bonds, non-government bonds, index-linked bonds and cash and derivatives.