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RPT-UK Pension Protection Fund hires 4 bond managers

Fri Jul 10, 2009 7:24am EDT

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LONDON, July 10 (Reuters) - Britain's Pension Protection Fund (PPF) said on Friday it has appointed four new fund managers to its global bond portfolio.

Mondrian Investment Partners, Rogge Global Partners, Credit Agricole Asset Management (CAGR.PA) and Wellington Management will be allocated new money from the fund later in the summer, a spokeswoman told Reuters.

The PPF currently has 3 billion pounds ($4.9 billion) in funds under management, of which 50 percent has been allocated to global bonds. Goldman Sachs Asset Management (GS.N) and Pimco (ALVG.DE) currently manage the bond portfolio.

"These appointments give us the flexibility to cope with our anticipated growth, and will also bring the benefits of further fund manager diversification," said Martin Clarke, the PPF's Director of Financial Risk.

The PPF was set up in 2005 to pay pensions to the members of underfunded defined benefit schemes whose sponsor companies have gone bankrupt. (Reporting by Raji Menon, editing by Will Waterman) ($1=.6150 pound)



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