Merseyside Pension Fund, Liverpool, England, will use more external specialist managers and move away from the £3.1 billion ($4.6 billion) plans mostly internally managed investment strategy, plan officials announced today. Mercer Human Resources Consultants plans to conduct an asset allocation review, said Owen Thorn, settlements assistant.
"Chances are it will be along the lines of having a U.K. equities portfolio, a European equities portfolio and some fixed interest and a passive element, Mr. Thorn said. About one-third of plan assets likely will remain under internal management, he said.
The plan has two external money managers: Lombard Odier International, which runs a European small-cap equity portfolio; and UBS Global Asset Management, which runs a small fixed-income portfolio, Mr. Thorn said. Further details were not available. Mr. Thorn said both managers may be asked to rebid, pending the outcome of the review.