Pension Insurance Corporation, a specialist insurer of defined benefit pension funds, has appointed Henderson Global Investors as its sole external Sterling corporate bond manager, as part of preparations for the implementation of a “buy-to-hold” asset strategy under Solvency II. Henderson will now manage a £3.2 billion portfolio, more than doubling its previous mandate.
PIC manages a further £2 billion of Sterling corporate bonds in-house including direct investments in infrastructure. PIC has a total portfolio of almost £14 billion.
Tracy Blackwell, deputy CEO of Pension Insurance Corporation, said: “Consolidating our Sterling bond portfolio managers is an important step in our preparations for the “buy-to-hold” discipline required by Solvency II. The appointment of Henderson demonstrates that our transition is on track. We are of course delighted to be continuing our partnership with Henderson. Excellent credit skills, a strong working relationship and high levels of client service were key to this appointment.”
Anil Shenoy, director of institutional business at Henderson, says: “We are very proud to be appointed by PIC as this is an eminent endorsement of Henderson’s fixed income franchise and institutional client service. We look forward to deepening our relationship with one of the insurance industry’s leading and most innovative companies.”
Stephen Thariyan, global head of credit at Henderson, adds: “Being chosen as PIC’s manager of choice for Sterling corporate bonds reflects our robust portfolio management process and the strength and depth of our offering. PIC has been a leader in its sector for a number of years and this decision is a big boost for our team, which we have been building out globally.”