Labour challenges Webb over NEST conflict of interest

NEST Corp last month began tendering for investment managers for each of the five mandates within its default fund. The default fund will invest in a mix of global equities, UK gilts, UK index-linked fixed interest, low risk cash management and diversified beta vehicles. In a written question, Reeves asked the pensions minister: "What consideration he has given to establishing a mechanism to prevent a conflict of interest arising for potential asset managers bidding in the NEST tendering process." Webb replied: "The procurement of the investment managers for the initial set of inve...