LGPS Central hired BMO Global Asset Management and Western Asset Management to run a total £660 million ($878 million) in multiasset credit allocations.
Each manager will receive half of the total allocation, the pension pool of local authority pension funds said in a news release Monday. More than 80 money managers expressed an initial interest in joining the procurement process.
"Our search included criteria on expected performance, a consistent investment process, value for money, full transparency and a commitment to strong ESG integration," Gordon Ross, the pool's CIO and investment director for fixed income, said in the release. "Both BMO and Western Asset displayed all these traits and have proven themselves to be worthy winners of this mandate. We look forward to working with them."
The pool launched a search in June.
Details on how the allocation will be funded could not immediately be learned.