Merseyside Pension Fund goes with SSgA for passive strategies

Merseyside Pension Fund, Liverpool, England, hired State Street Global Advisors to manage a total of £1.4 billion ($2.3 billion) in three passive strategies, according to an executive at the £5 billion pension fund.

SSgA will run £600 million in U.K. index-linked government bonds, a £400 million in U.K. equities and £400 million in North American equities.

Both U.K. portfolios had been managed by Legal & General Investment Management, while UBS Global Asset Management ran the North American portfolio.

The changes resulted from “a periodic retender” of managers and not because of performance issues, the pension fund official said.

Investment consultant Mercer assisted.