London Borough of Tower Hamlets Pension Fund hired Investec Asset Management to manage about £98 million ($142 million) in active bonds, mostly U.K. government, according to Oladapo Shonola, chief financial strategist of the £750 million fund.
Funding will come from an active bond strategy previously managed by Aberdeen Asset Management. Fund officials had decided last year to increase the weighting of government bonds at the expense of corporate bonds within the predominantly U.K. portfolio.
An RFP was issued last year; Aberdeen was invited to rebid.
Hymans Robertson advised.