Highland Council Pension Fund, Inverness, Scotland, is reviewing its investments and may make manager changes after the review, being done by Hymans Robertson, is completed in December, said Brian Williams, head of corporate finance. Rothschild Asset Management and Baillie Gifford currently manage the £400 million ($621 million) plans assets in balanced portfolios.
"At this stage it is too early to tell what changes, if any, well be making but as you know, Rothschild has made it clear it is reviewing its options in funds management, Mr. Williams said.
The plan also hired Northern Trust as global custodian, replacing N.M. Rothschild and Bank of New York, which were joint custodians. "We decided it was best to get a global expert custodian in place who was completely independent from the asset management side, Mr. Williams said.