Highland Council Pension Scheme, Inverness, Scotland, hired Legal & General Investment Management to run up to £300 million ($476 million) in a passive multiasset mandate for the £400 million plan, according to EU filings. Funding came from terminating a balanced portfolio managed by Rothschild Asset Management, according to a source with knowledge of the situation. Rothschild was acquired by Insight Investments in December.
Brian Williams, head of capital accounting at the Highland Council, could not be reached for comment by press time.
Hymans Robertson advised.