UK - The Port of London Authority Pension Fund (PLAPF) has hired AXA Investment Managers for a £250m fixed income mandate.
The mandate, to be managed by AXA IM’s sterling-grade fixed income team based in London, will look to outperform a scheme specific benchmark consisting of 90% fixed coupon gilts and 10% index-linked gilts. The consultant advising PLAPF was AON.
AXA IM will be paid on a performance-based fee.
Commenting on the mandate, Alastair Cuming, head of UK Institutional Business, AXA IM, said: “We have taken on a number of such mandates in the past year.”
He also claimed that the manager was increasingly short-listed on consultancy buy lists.
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