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.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.