Tameside Metropolitan Borough Council, Ashton-under-Lyne, England, hired three active global equity managers to run a total of £600 million ($1 billion) for the Greater Manchester Pension Fund, said an announcement posted on Tenders Electronic Daily, a European procurement platform.
The £10.5 billion pension fund hired Baillie Gifford, Franklin Templeton (BEN) Investments (BEN) and Investec Asset Management. How the allocation will be divided among the managers could not be learned by press time.
Pension fund executives decided to add a new allocation to global equities during the 2013 fiscal year, according to the 2013 annual report.
Executives at the pension fund could not be reached for comment by press time.