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The new team will consist of experienced BlackRock managers and transferring BA pensions professionals to ensure continuity of institutional knowledge and operational and reporting culture. The asset transfer was completed on 1 June.
The arrangement is "creating a pioneering OCIO model which will form the cornerstone of a bespoke new offering for the UK pensions market", the asset manager and BA Pensions said, citing intensified regulation and operational costs, as well as increased complexity. A need to match member benefits as the schemes mature is another driver behind the change.
With the external CIO, the scheme is hoping to achieve cost benefits, investment excellence and operational efficiencies.
Sarah Melvin, Head of BlackRock’s UK business, said: “British Airways is an iconic global brand and a leader in its sector. We are honoured to be entrusted to manage the assets of these two important pension schemes through the creation of a bespoke model. We look forward to delivering enhanced investment performance for the ultimate benefit of the Schemes’ members.”