UK - Baillie Gifford is to let pension funds invest segregated mandates in two of its UK pooled bond funds.
The Edinburgh-based firm is converting its UK 15-year long-dated bond and gilts funds – which are presently available in life wrappers – into open-ended investment companies (OEICs).
The firm expects Financial Services Authority approval early next year.
Baillie Gifford said that converting the funds into OEICs was an “administrative convenience” that would make it easier for segregated schemes to access the funds.
It said that life funds were difficult for custodians to process as they were done on a manual basis while OEICs were processed by the electronic processing network, CrestCo.
Baillie Gifford achieved the fifth and 16th best returns for the quarter and year-to-date, at 4.4% and -12.3% respectively in the Russell/Mellon CAPS pooled fund survey.
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