Cushon Master Trust, Croydon, England, a U.K. multiemployer defined contribution plan, added the Global Total Return Credit fund, managed by Ninety One, to the plan's default option, a spokeswoman confirmed.
Funding will come from new cash contributions. The allocation at the strategy level is 3.2%, which corresponds to 32% of Cushon's credit exposure, confirmed Leonard Stimpfle, head of investment.
Cushon has £1.8 billion ($2.3 billion) in assets.
The strategy, which incorporates sustainable factors, invests across a broad range of credit markets.
"The addition of this multiasset credit mandate improves the resilience of Cushon's existing bond sleeve by diversifying our credit and shortening our duration exposure," said Mr. Stimpfle in a news release.
"Integration of climate risk and sustainability assessments is key for Cushon, and we believe that Ninety One's bottom-up sustainability framework is leading in the credit space," he added.
