Searches and Hires

U.K. local government plans pick pool of 4 passive equity managers

A group of seven U.K. local government pension scheme funds hired Legal & General Investment Management, BlackRock (BLK), Deutsche Asset Management and UBS Asset Management to form a new framework of passive equity investment, confirmed Nigel Keogh, national LGPS frameworks manager for the Norfolk County Council.

LGPS funds are not required to hire a passive equity manager from the framework but any local government pension plan in the U.K. can use it when looking to hire a manager, Mr. Keogh said in a telephone interview when the search was launched in September.

The search was led by Norfolk County Council, Norwich, England, on behalf of its £2.9 billion ($3.7 billion) pension fund and other administering authorities. The other authorities are Cambridgeshire County Council Pension Fund, Cambridge; Essex Pension Fund, Chelmsford; Hampshire County Council Pension Fund, Winchester; Kent Pension Fund, Maidstone; Northamptonshire County Council Pension Fund, Northampton; and Suffolk County Council Pension Fund, Ipswich.