UK - The Allied Worldwide Pension Scheme has appointed Attica Asset Management to manage £40m worth of assets.
The mandate is to be managed against a multi-asset fixed weight benchmark.
Duncan Poole, chairman of the trustees for the scheme, said: “Our selection of Attica was the result of a detailed selection process in which we considered the major multi-manager providers.
“The trustees chose Attica as they believe it is the firm best placed to achieve the scheme’s objectives.”
By Janet Du Chenne
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.