UK - Standard Life Investments has been awarded a £75m segregated sterling corporate bond mandate by the £2bn Pensions Trust.
The Pensions Trust is one of the UK’s leading providers of occupational schemes for charities, voluntary bodies and not-for-profit organisations.
The appointment followed a comprehensive evaluation process involving a number of investment houses and is on a wholly discretionary basis, Standard Life said in a statement.
SLI investment director, fixed income, Craig MacDonald – who runs the £745m corporate bond fund and the £145m long corporate bond fund – is responsible for managing the portfolio.
The fund’s objective is to outperform the iBoxx Non-Gilt index, SLI said.
Commenting on the mandate win, George Walker, head of UK institutional business at SLI said: “We have been successful in winning both pooled and segregated bond business, but, significantly, this represents our first segregated sterling corporate bond mandate run against the iBoxx index.
“We have been seeing an increasing interest from both the charities sector in general and the charities pensions sector in particular. As a very high profile participant in this arena, The Pensions Trust is a flagship client and we are looking forward to more success within this important market.”
A spokesperson for The Pensions Trust confirmed the mandate was a new brief but could not comment on the reason behind the investment.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.