UK - The Pensions Protection Fund has widened its selection of transition managers by recruiting nine firms to its panel, but missing from the list was incumbent State Street who the PPF said did not re-bid.
The fund said it had appointed all the firms that applied for the position.
Blackrock, BNY Mellon, CitiGroup, Credit Suisse, Goldman Sachs International, JP Morgan, Legal & General Investment Management, Morgan Stanley and Russell Investments will be providing their services to the PPF.
The PPF previously had a panel of three providers to manage the transfer of asset portfolios: Goldman Sachs, BlackRock and State Street. State Street did not reapply for its position on the panel.
State Street has come under scrutiny since it was revealed last week the firm had been forced to reimburse a client for a transition management trade after an internal investigation found the client had been double charged on fees. (Global Pensions; 13 October, 2011)
The PPF said a larger panel would offer flexibility as pension scheme assets are transferred over - and noted the new panel would allow it to make structural portfolio and manager changes when required.
Last year, the PPF transitioned £1.5bn worth of assets from schemes it absorbed.
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