PPF hires 9 more managers for GTAA pool

Pension Protection Fund, London, hired nine new managers for its GTAA manager pool, confirmed spokeswoman Ana Moreno.

The new managers are AQR Capital Management, Arrowgrass Capital Partners, Brevan Howard Asset Management, Caxton Associates, Fortress Investment Group, GMO, Harmonic Capital Partners, Man Investments and Two Sigma Investments.

Existing managers Aspect Capital, BlueCrest Capital Management, Cantab Capital Partners and Winton Capital Management also received new contracts as well. The contracts for all 13 managers are for four years with two possible two-year extensions.

Existing managers Neuberger Berman and QS Investors had their contracts extended for three years but did not receive new contracts, Ms. Moreno said.

Ms. Moreno said she could not disclose how much each manager is running for the pension fund. The £15 billion ($23.9 billion) pension fund has about a 5% allocation to global tactical asset allocation that is part of the overall 20% allocation to alternatives. The GTAA allocation ranges from 2.5% to 7% “depending on the opportunities available,” Ms. Moreno said.

The original six GTAA managers were hired in May 2010. The pension fund has nearly quadrupled in assets since that time.