BlackRock has won a competitive liability-driven investment (LDI) tender for a UK pension scheme that streamlined its providers.
Serco Pension and Life Assurance Scheme consolidated its three LDI mandates into one with BlackRock winning the £1.5 billion (€1.69 billion) brief.
The fund would not say who the three original managers were. Guy Leach, chairman of the scheme, said: “The scheme is in a strong position, but we recognised that efficiencies could be made by transitioning our LDI portfolios into one mandate.
Having the ability to onboard and transition the funds seamlessly was a key requirement when choosing an investment manager.”
Serco provides workers for outsourced public sector roles, including defence and transport.
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