Pension Protection Fund issues global bond RFI

Pension Protection Fund, Croydon, England, issued an RFI for an active global bond manager spokeswoman Ana Moreno confirmed. The initial £200 million ($393 million) allocation will increase to about £350 million by March 31, 2009. Funding is likely to come from cash inflows stemming from an annual levy collected from eligible U.K. corporate sponsors and any pension asset transfers to the £1.4 billion fund, the U.K. equivalent of the PBGC. A manager should be selected this fall. The fund’s current allocation to global bonds totals about £540 million, which is evenly split between Goldman Sachs Asset Management and PIMCO; the two managers’ portfolios will not be affected. Proposals are due May 30. Further information can be obtained from consultant Mercer or via e-mail at [email protected]