The Pensions Trust, Leeds, England, appointed BlackRock to build a £100 million ($166.4 million) alternative investments and credit securities portfolio, and to act as fiduciary manager of the allocation, confirmed a spokeswoman for the multiemployer pension fund.
The portfolio will help the £5.7 billion pension fund to meet its long-dated inflation-linked liabilities.
BlackRock will act as fiduciary manager only to the £100 million of new assets, the spokeswoman said.
Funding will come from reducing the pension fund's allocation to equities, the spokeswoman said.
The Pensions Trust has a 30% allocation to alternatives, she said.