NEST names BlackRock, State Street and UBS to run default funds

The National Employment Savings Trust has appointed State Street Global Advisors, UBS Global Asset Management, and BlackRock to run five mandates for its default fund.

The three asset management firms will run five mandates - a passive global equity brief; a passive UK fixed gilt mandate; a passive UK index-linked gilt portfolio; a sterling cash offering; and a diversified beta fund mandate. UBS Global Asset Management has won passive global equity brief with its UBS Life World Equity Tracker Fund. State Street Global Advisors won the passive UK fixed gilt and passive UK index-linked gilt business with its State Street UK Conventional Gilts All Stocks Index Fund and State Street UK Index-Linked Gilts Over 5 Years Index Fund. BlackRock will provid...