UK - The British Medical Association (BMA) has appointed PIMCO Europe to replace Schroders for 30% of the scheme's total assets.
A spokesman for the scheme trustees said PIMCO was appointed as one of its bond managers, and that would it take over as investment manager for the fixed interest element of the scheme’s assets, valued at around £33m.
The trustees of the BMA Staff Pension Scheme regularly reviews its investment strategy and investment manager arrangements.
“Following a detailed tender process, PIMCO Europe has been selected to replace Schroders Investment Management as the investment manager for the fixed interest element of the Scheme's assets, which represents approximately 30% (£33m) of the scheme's total assets.”
Schroders will continue to manage part of the scheme’s equity portfolio, he added.
The mandate will be benchmarked against UK bonds and seek excess returns of 1% to 1.5% p.a. relative to the benchmark.
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