National Employment Savings Trust, London, hired Wells Fargo Asset Management to run a segregated, global corporate fixed-income mandate on behalf of the £8.5 billion ($10.9 billion) multiemployer defined contribution plan, a spokeswoman confirmed.
The pension scheme aims to allocate around £500 million into the mandate over the next 12 months.
"This step is a natural progression for a scheme of NEST's size and helps us to further develop our sophisticated investment strategy," Anders Lundgren, NEST's head of public markets and investment strategy, said in a news release announcing the hire. "The U.K. bond market has been a successful performer in our funds over the past few years. We've looked ahead and seen that there are further opportunities globally in this market, which is why we're making this move."