NETHERLANDS - The Dutch pension fund of British American Tobacco (BAT) is set to tender an unspecified number of mandates within the next few months, according to Harry Corbyn, an asset manager at the fund.
Corbyn said that the EUR221.4m scheme might put mandates out to tender once it had finished looking at issues that had arisen as a result of a recent asset liability study. The BAT fund manager declined to reveal any further details.
BAT finished the study in November, and was reportedly looking at decreasing its fixed income portfolio by 10% and diverting the assets to equities. Rotterdam-based firm Ortec Consultants is the fund’s advisor.
The fund’s asset allocation, according to International Pension Funds and their Advisors, stands at Eurozone equities, 22% of total assets; International equities, 14%; Eurozone fixed income, 54%; and real estate, 10%.
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