London Borough of Barking & Dagenham Pension Fund hired BNY Mellon Asset Management to run a £50 million ($75.7 million) active global credit strategy, according to European procurement website Tenders Electronic Daily.
David Dickinson, group manager of pensions and treasury for the £584 million pension fund, could not be reached for comment by press time. However, according to information on the pension fund's website, funding came from the termination last year of a £165 million global bond mandate managed by Aberdeen Asset Management. According to information provided by the pension fund at the time, staff reductions at Aberdeen and a change in investment strategy led to the termination.
An RFP was issued in November. Investment consultants Hymans Robertson and bfinance assisted.