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.
This week's edition of Professional Pensions is out now.
Ben Gunnee reflects on 2018 and talks about the Fiduciary Management trends to keep an eye on in 2019
Lloyds Banking Group secured 630,000 new pension customers last year, according to its 2018 annual results.
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.