Pension Protection Fund, London, named 10 fixed-income managers to a preapproved panel to run a variety of strategies, confirmed Richard Hunt, spokesman for the £12 billion ($18.8 billion) fund.
Selected were AllianceBernstein; BlueBay Asset Management; BlueCrest Capital Management (UK); Colchester Global Investors; Insight Investment Management (Global); Investec Asset Management; Loomis Sayles; M&G Investment Management; Morgan Stanley Investment Management and Stone Harbor Investment Partners.
Mandates will be given to managers in absolute-return and asset-backed securities, emerging markets debt, and global sovereign and corporate credit. Specific investments or funding amounts have not been determined. The PPF has £8.4 billion in fixed income, Mr. Hunt said.
Funding will come from reducing the portfolios of existing fixed-income managers Mondrian Investment Partners, Goldman Sachs Asset Management International, PIMCO Europe, Rogge Global Partners and Wellington Management International. Mr. Hunt would not say how much each manager runs.
Funding will be awarded this fall.