LONDON - Consignia Pension Plan, formerly known as the Post Office Pension Plan, hired Pantheon Ventures to manage L100 million ($142 million) in private equities for the L16.1 billion plan. Hamilton Lane and Pathway Capital already were hired for similar-sized mandates. The three hirings are pending contract negotiations, said Gerry Degaute, director of finance for Post Office Pension Trustees Ltd.
Campbell Lutyens is advising.
Avon plans to sell off
U.K. real estate portfolio
BRISTOL, England - Avon Pension Fund, Bristol, will sell off its L40 million ($57.1 million) directly held U.K. real estate portfolio and move out of the asset class, said Tony Worth, investments officer. Trustees for the L1.6 billion plan thought the asset class was too illiquid and not sufficiently diverse.
Cash raised from the sale of the properties will be reallocated within the plan's current asset allocation: 50% U.K. equities; 25% international; and 25% U.K. bonds and cash. The plan's assets are managed by Barclays Global Investors and Gartmore, both of which manage passive multiasset mandates, and Merrill Lynch Investment Managers, which runs an active multiasset portfolio.
GVA Grimley is advising.
Murray & Roberts signs
SEI as manager of managers
JOHANNESBURG - Murray & Roberts Retirement Fund hired SEI Investments to run 250 million rand ($31.4 million) in a manager-of-managers approach for international equities in developed markets. SEI replaces Old Mutual Asset Management and Gensec, which each had managed 125 million rand, said Andrew Craze, group benefits managers. Trustees at the 2.4 billion rand plan decided to invest the money with an international manager with no ties to South Africa.
Confapi gets green light
for new pension fund
ROME - Confapi, a trade association representing 700,000 workers in Italy's small mechanical, textile, chemical, food, paper and printing industries, received permission from COVIP, the pension fund regulatory body, to begin collecting contributions for an industrywide pension fund. The fund currently has 22,000 members. Italian pension funds must sign up a certain number of members before they can start collecting contributions. COVIP sets the target for each pension fund.
Administrators and a depositary bank are expected to be named by late July, according to a Confapi spokesman. Money managers should be selected by the end of the year. The plan will offer a single investment option for the first three years.
Rohm & Haas taps Mercer
for asset-liability study
LONDON - Trustees of the Rohm & Haas Retirement Plan asked William M. Mercer to conduct an asset-liability study for the L125 million ($183 million) plan, said Tony Pound, independent consultant to plan trustees.
Rohm & Haas consolidated the U.K. pension plans of recently acquired companies Shipley Europe, Lea Ronal and Morton International into its existing L80 million defined benefit plan. The asset-liability study will "realign the asset managers" of the newly merged plans, Mr. Pound said. Managers for the Rohm & Haas plan are Northern Trust Global Investments, for equities, and Deutsche Asset Management, for fixed income. Legal & General Investment Management manages the assets of the Shipley plan; Swiss Life, the Lea Ronal plan; and a large portion of the assets of the Morton Plan are managed by Schroders and Friends Ivory & Sime. Mr. Pound would give no further details. Trustees will consider the results of the study at their June 26 meeting.