Civil Aviation Authority Pension Scheme, London, hired BlackRock to provide fiduciary management for its £4 billion ($5.3 billion) growth portfolio, a spokesman said.
BlackRock will execute asset allocation and manager selection in all asset classes. The plan's trustees will also be provided with training, guidance and transition management services.
"We conducted a thorough review of the fiduciary manager market with the assistance of an independent consultant, IC Select, and selected BlackRock as they were a good cultural fit and they clearly demonstrated the strength of their investment offering and the scale and depth of their resources," Joanna Matthews, independent chairwoman of the Civil Aviation Authority Pension Scheme, said in a news release Tuesday.
The plan previously had a delegated growth asset mandate with Russell Investments, the spokesman said. Ms. Matthews didn’t elaborate on the switch to BlackRock.
The plan’s total assets were £7.3 billion as of Dec. 31.