United Technologies Corp. hired Mellon Capital Management to manage $100 million in an active corporate credit strategy for its $14.8 billion defined benefit plan.
In an e-mail, Robin L. Diamonte, CIO of Hartford, Conn.-based UTC’s retirement plans, called the mandate part of a larger, ongoing liability driven investment program.
In an interview, Susan Kobayashi, a director of fixed income with Mellon Capital, said her firm’s structural credit model takes “relative value bets,” overweighting “names we’re bullish on” within the universe of the specialized high-quality bond benchmark used for the strategy, while underweighting others.
