London Borough of Camden Pension Fund is conducting an asset-liability study that could lead to changes in the L500 million ($773 million) system's asset allocation and money manager lineup, said Ken Bumpus, borough investments officer. Hymans Robertson is conducting the study, which will be completed in November, he said.
"It's likely we will be making a shift away from equities, possibly in favor of bonds or other asset classes," Mr. Bumpus said.
The plan's current managers are Baillie Gifford, Schroder Investment Management and UBS Global Asset Management, all running balanced portfolios. Its current asset allocation is 70% equities, 13% fixed income, 5% cash, and 12% U.K. property and other investments.