PKA taps PIMCO, Schroders and Danske for EM debt
DENMARK – Pensionskassernes Administration, the third largest pension fund in Denmark, says it has awarded emerging market debt mandates to PIMCO, Schroders and Danske.
The 11 billion-euro PKA said it did not use an investment consultant in awarding the 55 million-dollar (44.1 million-euros) briefs to Allianz’s PIMCO Europe, Schroder Investment Management and Danske Capital.
“We have experience in picking up expert managers. We have done it for years,” explained Claus Skadhauge, head of information at PKA.
The choice of the three managers, he continued, has been based on track record, experience in the field of emerging market bonds and the fund’s policy to spread risks.
Emerging market bonds has become “one of the fundamental specialist mandates for Danish institutional investors,” said Peter Lindgren, PIMCO’s head of business development in the Nordic region in a statement.
“As an asset class, emerging market debt continues to evolve and offer true diversification benefits against other fixed income sectors and asset classes.”
“PIMCO expects this trend to gain momentum and spread further throughout the Nordic region,” Lindgren added.
PIMCO’s mandate will be managed by Mohamed El-Erian, managing director and head of the Emerging Markets Portfolio management team.
Schroders’ brief will be run by Geoff Blanning, head of its emerging market debt team. Danske Capital declined to comment.
PKA, which is owned by eight occupational pension funds with a total of 180,000 members, has been busy recently, with mandate awards this year to Street Global Advisors, Russell and Citigroup Asset Management.