The £540m 3M pension scheme has appointed Deutsche Asset Management (DeAM) and Capital International to manage specialist mandates for its revised investment strategy.
Following an asset allocation study last year, the global manufacturing company’s UK pensions scheme put three active specialist mandates out to tender on the advice of consultants William M Mercer. The fund also appointed ABN Amro Mellon as its sole custodian.
Capital will run a £110m world equities portfolio and DeAM a £135m bond portfolio.
Previous manager Merrill Lynch Investment Managers will manage a £110m active UK equities portfolio and Barclays Global Investors will continue to run a £160m passive mandate.
The 3M pension fund has also awarded a new £25m property mandate to various managers, including Schroder Investment Management.
By Janet Du Chenne
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers