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Searches and Hires

London CIV divvies up fixed-income allocation

London CIV gave Pacific Investment Management Co. a £290 million ($371 million) fixed-income allocation, the £17 billion pool of London's local authority pension funds said Wednesday.

The pool of 32 local authority government pension funds of London boroughs launched a global bond subfund on Dec.5. The London Borough of Bexley and London Borough of Croydon seeded the fund with £100 million and a further £190 million of committed inflows.

In March, London CIV hired four managers, although specific allocations were not released. In addition to PIMCO, the fund hired Ares Management, CQS and MidOcean Partners.

London CIV committed £600 million to CQS Credit Multi Asset Fund, according to London Borough of Brent's investment documents published Nov. 6.

"We believe that the active and research-intensive nature of PIMCO's investment process will make this fund a compelling fixed income offering to add to the LCIV fund range," Larissa Benbow, head of fixed income at London CIV, said in the release.