NEST Corp., London, hired three passive managers to provide investment components of its annual target-date default options, confirmed spokeswoman Heather Tilston.
BlackRock will run cash and diversified beta strategies with its Aquila Cash and Aquila Life Market Advantage funds, respectively.
State Street Global Advisors will manage passive U.K. government bonds and index-linked U.K. government bonds with its UK Conventional Gilts All Stocks Index and State Street UK Index Linked Gilts Over 5 Years Index funds, respectively.
UBS Global Asset Management will handle passive global equities in its UBS Life World Equity Tracker, which uses the FTSE All-World Developed index as its benchmark.
NEST Corp. will oversee administration and management of the National Employment Savings Trust, a nationwide defined contribution plan aimed at middle- to low-income workers who do not already have an employment-based retirement plan. The plan is expected to be introduced this spring.