North-East Scotland Pension Fund (NESPF) has cemented its relationship with Russell Investments and awarded it a £100 million (€112.7 million) multi credit asset credit mandate.
The investment was completed through a pooled fund, rendering the strategy more easily accessible to UK institutional investors, Russell Investments said.
Russell Investments already provides NESPF with implementation, transition management, liquidity management overlay, and foreign exchange trading services.
Graham Buntain, investment manager at NESPF said: “This has enabled us to diversify our existing fixed income allocations into more attractive higher yielding parts of the market, as well as reducing our exposure to equities. We recognise the limitations of a single manager accessing the full spectrum of the opportunity set, and feel the multi-manager approach provides a better platform for success.”
Jim Leggate, head of UK institutional and Middle East at Russell Investments said: “The multi-manager approach works especially well when investing in credit. Single manager products are often skewed to their specific skillset rather than the overall opportunity, meaning that they are not able to look across the entire investment universe.“
Russell Investments manages £44 billion (€49.5 billion) in fixed income.
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