UK - Bank of Ireland Asset Management has won a global equity brief from the £1.5bn Tesco Pension Scheme.
The mandate – the size of which has not been disclosed – is the ninth major win for the fund manager in the last 12 months.
Managing director David Boal said: “We know Tesco particularly well from managing its funds in Ireland and are extremely pleased to have been appointed from the tough open competition to manage the firm’s UK funds.”
He added: “This is a significant win and was a great end to a very successful year.”
BIAM will work alongside the scheme’s existing manager, Capital International. The supermarket giant was advised by Watson Wyatt.
The nine mandates won by BIAM in the past year amount to £850m in assets and include the Law Society, British Sugar, the Plumbing Industry Scheme, Lincolnshire County Council and St James’s Place.
Last year, Tesco raised its contribution rates to plug a final salary scheme deficit of £159m. The supermarket said it would pay off £106m and raised contributions from the 40,000 members to cover the remainder.
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