Searches and Hires

Ircantec taps Allianz Global Investors for OECD bond allocation

Ircantec, Paris, hired Allianz Global Investors to run a €1.2 billion ($1.4 billion) sovereign debt allocation, Caroline Le Meaux, head of external asset management, said in an email.

The €9.8 billion French pension fund launched a search in February for a manager to run the allocation in bonds of countries in the Organization for Economic Cooperation and Development, using dynamic risk management.

"The mandate awarded to AllianzGI is a global government bonds mandate linked to an overlay on our global strategic asset allocation," Ms. Le Meaux said.

"Allianz was chosen for its ability (to provide) both strategies in government bonds management and risk overlay. We also required a money manager to be able to outperform a global government bonds benchmark even though those government bonds might be used as collateral," Ms. Le Meaux added.