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 Centre for Social Justice is calling for the state pension age to be raised to 70 by 2028 and to 75 by 2035, a much faster rise than currently planned.
The High Court has blocked the £12bn transfer of Prudential's annuity book to Rothesay Life, citing the insurer's lack of "established reputation" and differing "capital management policies".
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.