NETHERLANDS - The e14bn Bedrijfstakpensioenfonds Metalektro (PME) has hired two active commodities managers.
A spokesperson for the fund said PME planned to add value to its commodity exposure via swaps.
He said PME’s exposure to commodities was now e750m, or 5% of the fund’s total assets.
He declined to name the swap-party but said Pimco and Bridgewater were awarded mandates.
“For our commodities exposure we appointed active managers,” he said.
“With the so-called portable alpha we expect to add value to our commodity exposure via swaps.”
Under the swap, PME exchanges the returns on cash for the returns on commodities, so the fund pays cash returns and receives commodity returns, he explained.
The allocation to the asset class was made possible through a reduction in the fund’s European equity holdings.
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The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.