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The Pension Protection Fund (PPF) has today (Monday) recruited six Global Tactical Asset Allocation (GTAA) Managers.
Cantab Capital and Winton Capital are positioned for immediate appointment. And Aspect Capital, Bluecrest Capital, DB Advisors and Neuberger Berman are on deferred appointment.
With more than £4 billion in assets, the PPF has sought to recruit these Managers as part of its new Statement of Investment Principles (SIP) announced earlier this year.
The GTAA Managers will form part of the alternatives portfolio within the PPF asset allocation.
ends
1. The PPF’s asset allocation as laid out in its Statement of Investment Principles:
| Permitted Asset Class |
Strategic allocation |
Tolerance range |
Asset benchmark index |
|
Cash and Bonds
- Cash
- UK Gilts
-Global Government Bonds
- Global Aggregate Bonds
(including credit) |
70 per cent |
65-80 per cent |
3 month LIBOR FTSE Gilt All Stocks
JP Morgan Government Bond
Barclays Global Aggregate Bond |
| Public Equity |
10 per cent |
5-20 per cent |
FTSE All-World Index |
| Alternatives (including property) |
20 per cent |
10-25 per cent |
Will vary according to the asset class |
2. Copies of the PPF’s Statement of Investment Principles can be found on our website at: http://www.pensionprotectionfund.org.uk/DocumentLibrary/Documents/SIP_Mar2010.pdf
3. The Pension Protection Fund was set up under the provisions of the Pensions Act 2004 in April 2005 and is classified as a public financial corporation. It has been established to pay compensation to members of eligible defined benefit and hybrid pension schemes when there has been a qualifying insolvency event in relation to the employer, and where there are insufficient assets in the pension scheme to cover Pension Protection Fund levels of compensation.
For further press information contact: Richard Hunt on 020 8633 5931/0789 425 5561 or Ana Moreno on 020 8633 4932/ 07961 957 48