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
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.