Bedfordshire County Council, Bedford, England, restructured its L596 million ($1 billion) pension fund, terminating two global balanced managers and hiring four specialist managers and a global custodian.
Barclays Global was picked to run a L239 million passive multiasset brief. Active managers hired were Henderson Investors, for L205 million in U.K. stocks; Bank of Ireland, L75 million in overseas stocks; and AMP Asset Management, L77 million in global bonds.
They replace PDFM and Gartmore, each of which managed 50% of the fund in global balanced (ex-property) mandates.
Northern Trust has been named custodian. PDFM and Gartmore previously handled custody. Watson Wyatt was the consultant.