London Pensions Fund Authority hired European Credit Managers to run £25 million ($43 million) in European corporate distressed debt, said Mike Taylor, CEO of the fund.
ECM already runs about £200 million in collateralized swaps within the authority’s £1.3 billion liability-driven investment portfolio, which matches the liabilities of retired members. The rest of the authority’s £3.7 billion in assets are managed in a higher-returns-seeking portfolio, including about £115 million in opportunistic investments.
The fund’s staff can make opportunistic investments of up £50 million without prior board approval.
