Greater Gwent Pension Scheme, Pontypool, Wales, hired Threadneedle Asset Management to run £260 million ($405 million) in active U.K. equities, and Baring Asset Management to run a total of £50 million in active emerging markets and Asia Pacific ex-Japan equities, said Philip Nash, finance director. Funding for the U.K. equities portfolio came from terminating Gartmore, which ran the money in a similar style; Gartmore was allowed to rebid. Mr. Nash would not say why Gartmore was terminated. Funding for the international portfolios came from reducing a £145 million Barclays Global Investors passive global equities portfolio. BGI continues to run £100 million in passive U.K. equities.
Officials at the £730 million scheme are moving away from passive mandates, Mr. Nash said.
Mercer Investment Consulting assisted.