Pimco Europe has been appointed by three major Danish pension funds to manage a total of EUR196.7m (£118m) in high yield bond portfolios.
Two of the pension funds, Lønmodtagernes Dyrtidsfond (LD), the Danish wage earners fund covering around 1.6m people, and Bank Pension, which represents 8,000 employees of Danish local and regional banks, have invested a total of EUR107m (£64m) in Pimco’s Dublin domiciled high yield bond fund - part of Pimco’s global investor series.
The further EUR89m (£53m) was invested by Danish pension fund ATP, which is the third largest pension fund in Europe. The ATP investment is also a high yield mandate, but will operate as a separate Danish domiciled fund with a tailored (70% US dollars and 30% EUR) benchmark.
Commenting on the appointment, Peter Lindgren, Pimco’s business development director said: We are achieving tremendous success in the Nordic region and now manage over $1.3bn for eight clients.
The trend towards outsourcing speciality mandates is continuing, particularly for high yield and emerging markets mandates, where we have a fantastic track record.
By Janet Du Chenne
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