Pension Protection Fund, London, added BlackRock, F&C Investments and Legal & General Assurance (Pensions Management) to a preapproved list of liability-driven investment managers, said Ana Moreno, spokeswoman for the £8 billion ($12.5 billion) fund.
The three firms will join the fund's current LDI manager, Insight Investment Management.
“We extended our panel of LDI managers to give us more flexibility” as the fund increases in size, Ms. Moreno said.
The LDI strategy is part of PPF's alternatives portfolio, which accounts for up to 20% of total assets. Further information, including the size of the LDI portfolio, was not available at press time.