GMB 1961 Pension Fund, London, selected Hermes Liberty Investment Management to manage a £126 million ($197 million) indexed global equity portfolio. The £180 million pension fund still has to choose a fixed-income manager to run the balance of the fund; a decision is expected by year end. The fund previously was managed by Phillips & Drew. In addition, the fund may decide to put between £20 million and £30 million of the indexed portfolio into the U.K. Focus Fund, a corporate governance fund, said Bill Day, national pensions manager for the union fund.
Punter Southall was the consultant.