Blue Sky Group, the investment management arm of the 10 billion euro ($9.9 billion) KLM Group staff pension plan, Amsterdam, hired Bridgewater Associates, PIMCO and Ashmore Investment Management to run 100 million euros each in active emerging market debt. Gerben Wanningen, fixed income and currencies fund manager, said the hirings are part of Blue Skys shift to more active investments. Funding came from terminating State Street Global Advisors, which ran a 300 million euro passive emerging markets portfolio; the termination was due to the strategy shift, he said. Watson Wyatt advised.
Blue Sky also is considering major changes to its equities portfolio, 90% of which is under passive management.