US asset giant Wellington wins responsible investment-weighted UK bond mandate

Asset manager awarded £200m by N. Ireland’s NILGOSC

Wellington Management Company, the US-based fund management giant which became a signatory to the PRI Initiative last year, has been awarded a responsible investment-weighted £200m (€233.3m) active fixed income mandate from the Northern Ireland government officials’ fund.

The £3.5bn Belfast-based Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC), which administers the Local Government Pension Scheme in the region, said it has awarded the mandate to the Boston-based firm in a contract notice.

The criteria for the mandate included a responsible investment weighting of 5%. Investment process counted for 25%, risk management 20% and performance 15%.NILGOSC provides pension services to 204 public sector employers with more than 92,000 members.

Wellington, founded in 1928, has $758bn in client assets under management.

The fund had said the successful candidate would have a “wide range of capabilities in bond management which includes absolute return, global bonds and high yield”.

The request to tender had called for candidate managers’ to have at least £1bn in bond assets under management.

NIGOSC tendered the mandate in March 2012, saying it might represent around 10 % of its total assets. It was run on the committee’s behalf by consulting firm Aon Hewitt.