UK - Vauxhall & Associated Companies Pension Funds has landed £136m worth of mandates for its own manager-of-managers product from three other motor industry firms.
Vauxhall is establishing GM Investment Trustees (GM) as a manager-of-managers pooled investment service. Its first win - expected to be funded this month following GM’s approval by the Financial Services Authority - is from the Millbrook pension plan.
The £20m it has been awarded by the motor industry research operation was previously run by Morley Fund Management. Frank Russell acted as consultant.
Two other mandates from motor firms are expected to be funded in April.
The £103m Luton-based IBC Vehicles Pension Plan has awarded its entire portfolio to GM, replacing Baring Asset Management. Frank Russell advised.
And Delphi Lockheed has awarded GM £13m of new money from its pension plan. Watson Wyatt advised.
In addition, Vauxhall & Associated Companies Pension Funds is itself possibly searching for a £45m private equity fund-of-funds manager this year.
By Luke Clancy
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.