Insurance firm Phoenix Group hired Barings to manage a £250 million ($346 million) real estate debt allocation, a spokesman confirmed.
It is a new allocation, the spokesman confirmed.
The allocation will consist of investment-grade buy-and-hold U.K. commercial mortgage loan assets, including industrial, residential and office real estate based in London and other U.K. locations.
Phoenix will look to match the cash flows and duration of assets against the profile of its annuity liabilities, the spokesman said.
"The Barings team's experience and expertise in this asset class were clearly differentiated during our selection process, and we are looking forward to working with the team to help facilitate our growing needs in this asset class," said James Mitchell, head of manager oversight at Phoenix Group, in a Barings news release Tuesday.