WORCESTER, England - The Worcestershire County Council overhauled its L700 million ($1.2 billion) pension scheme, terminating its two balanced money managers in favor of five specialist firms and a global custodian, said Michael Weaver, council finance director. The changes were the result of a regular review by the council's finance department.
The new managers are: Nomura Asset, which will run L60 million in active Far East equities; Capital International, L70 million in active U.S. equities; J.P. Morgan Fleming Asset, L155 million in U.K. bonds; SG Asset, L215 million, active U.K. equities; and UBS Global Asset, L70 million, active European equities mandate as well as a L205 million passive global equities portfolio. The new global custodian is ABN AMRO Mellon Bank.
Terminated were Schroder Investment Management and Gartmore Investment.
"Following the review of asset structures this year, we decided to take a specialist approach," Mr. Weaver said. He declined to reveal further details.