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
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