Institutional Investors

Gwynedd Pension awards $190m mandate


The Gwynedd Pension Fund, based in Caernarfon in Wales, has awarded a mandate for $190 million in absolute return bonds to Insight.

The move, effectively the plan's first foray into absolute return type strategies, seems to display a growing interest among UK local authority plans in absolute return fixed income.

In February, Strathclyde pension fund, which manages the pension fund assets of Glasgow City Council in Scotland, restructured its bond portfolio, shifting to an absolute return basis, with the award of a $1 billion mandate which was split between PIMCO and Threadneedle.