Lincolnshire County Council Pension Scheme, Newland, England, is increasing its fixed-income allocation to 18% of total assets, from 9.5%, with most of the increase going to corporate bonds, said Ralph Gould, county treasurer. The £740 million ($1.15 billion) plan made the move after an asset-liability study by consultant Hymans Robertson, he said.
The plan is searching for a global fixed-income manager to run £120 million ($186 million), Mr. Gould said. Morley Fund Management, which runs £60 million in fixed income for the fund, was asked to rebid, Mr. Gould said. Scheme officials plan to make a selection in April.
The fund also will review its equities portfolio, including appointing a global equities specialist, but Mr. Gould said the scheme would not conduct a search until later.