UK - Investec Asset Management has been appointed manager of a £140mn UK gilts and sterling corporate bonds mandate for Polestar Group.
Investec has been instructed to manage the UK gilts and corporate bonds mandate with an outperformance target of 0.75% over a rolling three year period against the FTSE A Over 15 years Gilts and iBoxx sterling non-gilt 15 year plus indices.
Catherine Hearn, chairman of the trustees at Polestar said: “We appointed Investec because of its consistent track record and rigorous investment process. We are confident that its specialist investment team will deliver good returns for our pension fund.”
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.