NETHERLANDS - The e1.6bn Zoetermeer-based Pension Fund Horeca & Catering has appointed Western Asset Management to run a e150m global fixed income mandate.
A fund statement said that the appointment was made after a thorough selection process involving a large number of global asset managers and Western Asset Management was selected for its investment approach and track record.
“By selecting a specialised asset manager such as Western Asset Management, the board aims to diversify its investment portfolio, in particular in inflation linked bonds, and to improve future investment returns.
“This agreement is part of a continuous drive to improve the efficiency and effectiveness of the pension fund's asset management,” the statement added.
The fund also recently committed e100m to AlpInvest Partners, the private equity subsidiary of ABP and PGGM.
Other managers include F&C Netherlands, Robeco Institutional Asset Management and Achmea Vastgoed.
Current asset allocation stands at equities 50%, bonds 40% and real estate 10%.
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.