The Border to Coast Pensions Partnership, one of the largest public sector pension pools in the UK, has appointed Pimco as the core manager for its multi asset credit fund expected to be launched in early 2021.
The £45 billion (€53 billion) pension pool has also launched a search for investment managers for four asset class mandates covering high yield bonds, leveraged loans, emerging market debt and securitised credit.
The multi asset credit strategy will target cash plus 3% to 4% a year through a diversified portfolio of high-yield bonds, leveraged loans, emerging market debt, securitised credit and other fixed income assets.
Daniel Booth, chief investment officer at Border to Coast, said “Establishing a multi asset credit fund is an essential part of Border to Coast’s objective in delivering long-term risk-adjusted investment returns for our twelve partner funds.
“Pimco has a long and established track record of multi-asset credit investing and will play a key role as a strategic partner to Border to Coast in the set-up and on-going management of our multi-asset credit fund.”
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