Bill Benz, the new man in charge of Pimco’s London office, has insisted the “big picture” at the world’s largest bond manager is healthy as he prepares for an aggressive tilt at the UK pensions market.

Benz, who replaced Joe McDevitt at the helm of Pimco in London earlier this month, told Financial News: "If I think of a new vehicle strategy that we have in the UK market that we'd like to do more of it would be along these lines - build out our DC capabilities."