US - Los Angeles County Employees Retirement Association (LACERA) has hired four managers to run $200m as part of its fixed income emerging managers programme.
LACERA last week placed £50m briefs each with the following managers: NW Post Advisors, a high yield bond brief; LM Capital Management, domestic enhanced core bond; GW Capital, medium grade bonds; and Hughes Capital Management, domestic core bonds.
The pension fund was advised in-house.
By Luke Clancy
A number of pension schemes have been prompted to lock in gains with a move into bonds after the estimated deficit across FTSE 100 DB pension schemes improved by £36bn, over the 12 months ending 30 June last year, JLT Employment Benefits found.
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust's wind up or closure.
AMP Capital has set up a dedicated team to help institutional investors, including pension funds, invest in infrastructure through direct equity allocations.