West Midlands Metropolitan Authorities, Wolverhampton, England, hired Royal London Asset Management to run £130 million ($204 million) in U.K. non-government bonds, said Brian Bailey, council finance director. The hire followed an asset-liability review of the £4 billion pension plan earlier this year, he said. Funding came from cash.
The scheme runs 80% of its investments in-house, including a U.K. government bond portfolio and some passive equities.
Mercer Human Resource Consulting advised.