The Berkshire County Council Pension Fund, Reading, U.K., hired Commercial Union Investment Management to manage a £60 million bond portfolio. The fund has £660 million ($1.13 billion) in assets.
The portfolio, which previously was managed internally, will be invested with a benchmark of 60% index-linked bonds, 20% overseas bonds and 20% U.K. bonds. Hymans Robertson assisted in the search.
The fund also is expected to pick regional managers for portfolios totaling £114 million for U.S., Japanese and European equities by mid-February, Mr. Johnson said.
