International investment house State Street Global Advisors (SSgA) has bagged two mandates totalling £190m from the UK-based BG Pension Scheme, a newly-created defined benefit scheme.
The first mandate is a £125m multi-asset indexed brief and the second, a £65m currency overlay mandate. A customised benchmark will be used by SSgA.
Commenting on the appointment, Janet Rice, head of pensions at gas company BG Group said: “This is a new DB scheme which will incorporate the assets coming from the Lattice Group Pension Scheme in which BG has been participating.
“We have chosen SSgA because of their strong reputation for passive management and their specialist skills in managing currency. SSgA were also highly client focused as they came up with solutions for our AVC investments.”
The move was advised by Watson Wyatt.
*SSgA has recently obtained mandates from John Lewis, Abbey National and the Geneva-based Swiss Federal Social Security (AHV).
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