Norfolk County Council Pension Fund trustees hired Societe Generale Asset Management U.K. to run a £200 million ($317 million) U.K. equity mandate with a special emphasis on corporate governance, environmental stewardship and sustainable development.
The trustees dropped incumbent manager M&G Investment Management because of concerns over its future after it was bought last year by U.K. insurer Prudential, said Brian Wigg manager of the plan.
SGAM will adopt a responsible engagement approach with the companies in which it invests and also will coordinate corporate governance work undertaken by the plans other managers,
Deutsche Asset, Henderson Investors, Norwich Union Investment Management and Fidelity Pensions Management.
The fund also has appointed Northern Trust as global custodian.
Previous custodians were Deutsche Bank and HSBC.