DENMARK - Laerernes Pension has dropped PIMCO from an emerging markets debt mandate worth US$70m and instead awarded the allocation to Boston-based Wellington Management.
Laernes Pension portfolio manager, Anders Bertramsen, told Global Pensions: "We carried out our usual systematic review of investments and decided we should tender for the contract held by PIMCO."
Bertramsen continued: "We are constantly looking to ways to improve our investment returns and reviewing managers' performance."
The DKK24.8bn teachers' pension fund holds 30% of its portfolio in equities, 60% in fixed income and 10% in alternatives. All the funds assets are managed by external asset managers. The fund was established in 1991.
PIMCO declined to comment.
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