UK - The Pension Protection Fund has recruited six global tactical asset allocation managers as part of its statement of investment principles announced earlier in the year.
The lifeboat fund has immediately appointed Cantab Capital and Winton Capital, while Aspect Capital, Bluecrest Capital, DB Advisors and Neuberger Berman have been appointed on a deferred basis.
PPF chief investment officer Ian McKinlay (pictured) said: "We looked at the drivers of return and the numbers from the past and through the last three years they provided good diversifying characteristics. We think that they are the best in the market."
McKinlay said he was "pretty happy with the two at the moment" but said if PPF grows it would make sense to diversify across more managers, or if something happened to make it lose confidence in one of the managers, that would precipitate action.
He said GTAA provides a given return but diversifies against other assets because the return drivers are very different from those for its other assets.
The GTAA managers will form part of the alternatives portfolio within the PPF's asset allocation. It is currently about 20% in alternatives, 7% in real estate and is moving forward with seeding its private equity portfolio.
It also has a tender out for infrastructure at the moment.
McKinlay said the PPF lifted the return from 1.4% to 1.8% over LIBOR by bringing in diversified assets like GTAA and by using the risk freed up to generate more return.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.