Searches and Hires

NEST seeks global investment-grade corporate bond manager

National Employment Savings Trust, London, is searching for a global investment-grade corporate bond manager, the 4.1 billion ($5.4 billion) U.K. multiemployer defined contribution plan said in a statement.

The allocation is new. The selected manager will take into consideration environmental, social and governance factors.

"We've not committed to an exact amount as of yet. It will depend on a number of factors like the price and valuation of the asset class at the point of when we procure it," a spokeswoman said.

Mark Fawcett, chief investment officer, said in a news release: "NEST already has exposure to U.K. investment-grade corporate bonds and expanding into this asset class is a natural progression as our assets under management continues to grow." NEST has 13.2% allocated to sterling corporate bonds.

Mr. Fawcett said: "Adding global investment-grade corporate bonds to our funds supports NEST's diversification strategy and gives us opportunities to earn the best stable returns necessary in order to support our long-term investment objectives."

The RFP is available on NEST's website. Registration is required. Proposals are due by noon Greenwich Mean Time on Feb. 15. A selection date wasn't specified.