LGPS Central, Wolverhampton, England, hired Fidelity International and Neuberger Berman Europe to manage £1 billion ($1.3 billion) each in global investment-grade corporate bonds, a spokesman confirmed.
"We chose these firms because of their global reach as well as their strong presence in the U.K.," said Gordon Ross, investment director for fixed income, in a news release. "It's clear they follow robust processes that are repeatable across all credit markets. We're certain they will help us to ensure our partner funds investment objectives are met."
An RFP was issued in November.
LGPS Central manages the pooled assets of nine Midlands-based local government pension schemes, which have about £44 billion of investment assets collectively.