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.”
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.