London Borough of Hackney Superannuation Fund plans to outsource management of £145 million ($208.2 million) in indexed assets, according to Tony Hall, assistant director of finance.
In the next few months, the £500 million plan also will conduct routine triannual reviews of its existing external money managers Barclays Global Investors, which runs almost half the plan assets in enhanced index strategies, and Credit Suisse Asset Management, which runs the plans £50 million real estate portfolio, said Mr. Hall.
Actuary Watson Wyatt is conducting a valuation of the fund and will start an asset-liability study within the next few months, he added.
The decision to outsource management of the fund coincides with the departure last month of the head of investments, Paul Audu, who was named senior investment consultant at HSBC Actuaries and Consultants. Mr. Hall has taken on Mr. Audus responsibilities until the manager is hired.