Newham Pension Fund, London, hired Robeco Institutional Asset Management to manage a £60 million ($75 million) global high-yield bond allocation.
Robeco will manage the assets in a UCITS pooled strategy for the £848 million plan, said a notice filed with electronic procurement platform Tenders Electronic Daily.
The money manager will invest in non-dollar-denominated global corporate bonds, with a return target of 1 to 2 percentage points above the Barclays or Bank of America Merrill Lynch global high-yield bond indexes.
The manager will allocate up to 10% in investment-grade bonds, up to 20% in CCC-rated bonds, and up to 20% in off-benchmark investments.
The pension fund and its investment consultant, bfinance, were not available to comment by press time.
