UK - The £400m Harsco Investment Pension Fund has dropped one of its bond managers as part the implementation of the final stage of its liability driven investment (LDI) strategy.
Pension fund manager and secretary Lynne Bartrum said the last transition of funds away from former fixed income manager Threadneedle Investments to LDI manager Legal & General Investment Management has just been completed.
She said: "We've actually just transitioned away from Threadneedle. That's been one of the bond managers we've moved away from for the LDI," said Bartrum.
The scheme has also moved to diversify its equity managers with the appointment of TT International and Newton Investment Managers.
Bartrum said the changes have been made purely for diversification purposes.
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.