Barclays U.K. Retirement Fund, Poole, England, spun off its internal money management unit, called Oak Pensions Asset Management, a spokeswoman confirmed.
The spinoff will give the seven-person investment team, led by Tony Broccardo, chief investment officer, the ability to implement investment decisions directly. The Barclays fund has £18.2 billion ($28.8 billion) in assets.
“Over the last few years, the trustees of the Barclays U.K. Retirement Fund have worked to strengthen and further professionalize the scheme’s in-house investment capacity and today is a further step in that direction,” Mark Hyde-Harrison, CEO of the fund, said in a news release.
Mr. Broccardo could not be reached for further information by press time.
