Food giant Nestlé has appointed bond giant PIMCO to run its global credit fund, the Swiss group has announced.
This arrangement will see PIMCO work with Nestlé's dedicated fund management subsidiary Robusta Asset Management to run the Robusta Global Credit Bond fund.
The Robusta Global Credit Bond fund was established in December 2004 with a strong emphasis on long-term growth investment opportunities.
According to the investor note seen by Citywire, PIMCO was officially appointed to the role on July 30 with the management role taking effect from July 31.
PIMCO was unavailable for comment at the time of publication.
Robusta is a wholly-owned investment manager designed to invest pension scheme money and other cash pools on behalf of Nestlé.
According to the 2012 consolidated financial statement for the Nestlé Group, Robusta currently oversees CHF 8.8 billion (€7.1 billion) in assets under management.
Previous tie-ups have seen Robusta Asset Management appoint Schroders in February 2012 to oversee an emerging markets fund.