Railpen, the £34bn railways pension scheme, has awarded a securitised credit mandate to employee-owned investment manager, Neuberger Berman.
It builds on an existing strategic partnership between the two firms and will provide Railpen with additional exposure to liquid securitised credit.
The mandate, structured as a Qualifying Investor Alternative Investment Fund within the Neuberger Berman Investment Funds II umbrella, primarily invests in securitised debt securities – including collateralised loan obligations, asset-backed securities, commercial mortgage-backed securities and mortgage-backed securities.
The portfolio will be co-managed by Joe Lynch, senior portfolio manager for multisector fixed income, Pim van Schie, senior portfolio manager for structured credit, and Jose Pluto, portfolio manager for securitised products.
Neuberger manages over $50bn in securitised credit globally.
The mandate adds to an existing partnership between Railpen and Neuberger, which saw a £2bn multi-asset credit strategy launch in July 2024.
The additional allocation to securitised credit will increase this partnership to above £3bn.
Craig Heron, director of public markets at Railpen, said: “Neuberger’s deep expertise in credit helps Railpen to deliver long-term value for our members. In today’s complex investment environment, it is essential to work with partners who not only bring strong technical capabilities but also understand the evolving needs of institutional investors.”
Ed Jones, head of UK institutional client business at Neuberger, added: “This extension of our relationship with Railpen is a testament to the successful collaboration we have built, both operationally and through our investment approach.”
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