IBM Europe Middle East and Africa early next year will whittle down...

IBM Europe Middle East and Africa early next year will whittle down its 15 external fixed-income managers to around five and plans to increase its pension funds’ exposure to European corporate bonds, said Martin Jack, director of retirement funds at IBM EMEA. The group runs 10 pension funds across Europe with assets totaling £20 billion ($32 billion), roughly £8 billion of which is invested in European government debt. The group also will lift its "conservative’’ credit rating limit of AA and higher so it can invest in corporate bonds with lower ratings. Money managers will have to show they’re capable of managing corporate debt if they want to win new mandates, he said.