UK - The £233m Scottish Enterprise Pension & Life Assurance Scheme has hired Scottish Widows Investment Partnership to run a £40m corporate bond mandate.
Scottish Enterprise – along with its consultant Hymans Robertson – has been looking to appoint a corporate bond manager ever since its previous manager, Abbey National Asset Managers, exited the market.
ANAM’s parent company, Abbey, said the fund manager would cease to manage money on behalf of third parties and that it was outsourcing £20bn of assets to State Street Global Advisors.
SWIP said it was selected on the basis of its “excellent” track record and successful investment process, as well as the strength and experience of its credit team. Head of institutional business Chris Walker said: “Scottish Enterprise’s decision to invest with us is a welcome endorsement. Our bond team is top notch.”
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.