NEST names its fund managers

THE new national pension scheme said it has appointed UBS, State Street and BlackRock to run five investment mandates likely to be worth billions of pounds.

The National Employment Savings Trust (NEST) said UBS Global Asset Management will run an equity mandate, State Street will run two bond funds while BlackRock will take charge of a cash and mixed asset funds.

All the funds will track indices and are likely to amount to billions of pounds, holding the pension savings of millions of British workers.