Highland Council Pension Fund, Inverness, Scotland, is moving toward a specialist money manager structure and is searching for U.K. fixed-income, global equity and real estate managers, said Brian Williams, head of fund accounting. He expects to finalize the benchmarks and portfolio sizes after the proposals are submitted. The move follows an investment review of the £400 million ($639.4 million) scheme by actuary Hymans Robertson.
As a result, Baillie Gifford’s £100 million balanced portfolio will be restructured: The manager will run £72 million in global equities, and the remaining £28 million will fund the U.K. fixed-income search, Mr. Williams said. The balance of funding will come from the termination of Rothschild Asset Management, which ran £300 million in a balanced portfolio; those assets are temporarily parked in a passive balanced portfolio run by Legal & General Investment Management pending the results of the searches.