UK - The £400m pension fund of vacuum cleaner manufacturer Hoover may look for specialist bond managers following an ALS to be presented in April.
Last month trustees decided to go ahead with an asset liability study which will be presented by the scheme’s consultants and actuaries, Aon, in 10-12 weeks’ time.
Pension fund manager Barry Hawkins said the scheme is very mature, with 8,000 pensioners and 7,000 deferreds compared to 1,500 active members. As of March 2001 it allocated roughly £120m to equities and £230m to bonds and gilts.
The fund currently employs Phillips & Drew and Schroder Investment Management as its managers. Hawkins admitted the fund’s managers had “had their ups and downs.”
He added: “We may be looking for bespoke managers in certain asset classes. We may go to our current managers and say ‘we need a specialist bond manager, do you fit that criteria?’ And if they don’t, we may look in the market to employ one.
By Luke Clancy
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