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
This week's edition of Professional Pensions is out now.
The government is in talks with the UK and Irish pensions regulators over how to protect members of cross-border schemes in the event of a no-deal Brexit.
The equalisation of guaranteed minimum pensions (GMPs) is at least two years away from being completed, and could take longer than four years for some schemes, a poll has found.
The Pensions Regulator will consider if schemes should be required to have professional trustees and assess the case for greater regulation of administrators and system providers, PP can reveal.