Exel PLC Retirement Plan, Bedford, England, hired State Street Global Advisors to run £115 million ($188 million) in enhanced passive Pan-European equities for the £1.1 billion plan, said Jimmy Walker, scheme pensions manager. The customized, low-alpha portfolio aims to beat the FTSE Pan European index. "We appointed State Street because of their systematic approach to stock selection and focus on risk control,” he said.
Funding came from terminating Pictet Asset Management, which ran the assets in active Pan-European equities. Mr. Walker would not say why Pictet was dropped.
Hewitt, Bacon & Woodrow advised.