The 750 million ($1.16 billion) Norfolk County Council Superannuation Fund, Norwich, England, hired M&G Investment Management to run a 120 million ($186 million) U.K. active equities brief, said Brian Wigg, manager-loans and investment.
Midland Securities Services was picked as custodian for M&G's portfolio.
Funding came from reducing the fund's allocation to Gartmore Pension Fund Managers, Mr. Wigg said. Now, Gartmore will run about £100 million in U.K. stocks plus roughly 150 million in overseas equities.
Hymans Robertson assisted in the equity manager search.