UK - The £750m IMI Pension Fund has appointed three managers following its shift from a balanced to a specialist investment structure.
The engineering company’s scheme decided to move to a specialist structure after its actuarial valuation in March last year and a subsequent asset liability study by its investment consultant Hewitt Bacon & Woodrow.
UBS Global Asset Management, Merrill Lynch Investment Managers and Alliance Capital have been awarded five mandates with total assets under management of around £700m.
This specialist approach replaces its previous arrangement where it had two balanced managers – MLIM and UBS – and one bond manager, Henderson Global Investors.
Henderson was not reappointed but the scheme commended its outperformance during its time as manager.
MLIM will manage around £410m of assets split between a £150m specialist UK equity mandate and a £260m bond and cash mandate.
UBS will manage a £150m UK equities mandate as well as a £70m global equities mandate and Alliance Capital won a £70m global ex-UK equities brief.
The IMI pension fund also decided that it would move out of its £25m investments in private equity and property. It felt it did not have a large enough investment in these asset classes to make a significant difference to its risk return.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.