Hires

ECB signs UBS and SSGA to manage pension funds

European Central Bank, Frankfurt, hired UBS Asset Management and State Street Global Advisors in Germany to run the assets of its €960 million ($1.1 billion) staff pension funds, a spokesman for the bank confirmed.

A notice filed with European procurement platform Tenders Electronic Daily said the central bank's pension funds are managed as segregated unitized accounts, across seven "standard" asset classes.

Further information was not available.

The search was launched in December 2015. A document said managers would run a combined €960 million ($1.1 billion) in global passive allocations, across a number of segregated, unitized accounts for equity and fixed-income assets.

The ECB also said in the document that the hired managers would have identical allocations in terms of asset classes; one would have receive around €360 million, and the second, the remaining €600 million.