UK - Standard Life Investments has been awarded an expanded remit to manage fixed income investments for the Pensions Trust.
A restructuring of the firm's fixed income portfolio means SLI, currently managing approximately £46bn (€64.3bn) in fixed income assets, has now been handed an additional £140m UK gilt portfolio mandate, expanding SLI's aggregated portfolio management for the Trust to £300m.
David Palmer, head of investments at the Pensions Trust, revealed this gives Standard Life approximately 40% of its total fixed income holding, while Royal London Asset Management now holds 30% and Legal & General manages the remaining 30%.
Stephen Nichols, chief executive of the Pensions Trust, said the group had decided to extend SLI's remit as it was "satisfied that this manager has the right combination of skills, experience and ideas to deliver the performance we expect".
Just two months ago, Royal London Asset Management was awarded a fixed income mandate by the Pensions Trust worth £200m.
The Trust now manages around £3.8bn as a multi-employer pension scheme operation for over 125,000 members and pensioners, and looks after 30 standalone final salary schemes, five multi-employer final salary schemes, a money purchase plan, a career average revalued earnings (CARE) scheme and a flexible retirement plan.
Elsewhere, Invesco Perpetual has been awarded an £11m high alpha UK equity mandate by the Royal Society of Chemistry pension scheme.
No comments yet