Merseyside Pension Fund, Liverpool, England, hired six managers, according to Leyland Otter, senior investments manager for the £2.7 billion ($4.3 billion) scheme. Schroder Investment Management and Legal & General Investment Management will run £190 million each in active global bonds; L&G will also run £576 million in passive global equities. Barclays Global Investors will run £316 million in active U.K. bonds; Nomura Asset Management, £130 million in active Far East and emerging markets equities; Wellington Capital Management, £130 million in active pan-European equities; and Allianz Dresdner Asset Management, £122 million in active North American equities.
The hirings followed a review by Mercer Investment Consulting, which recommended the scheme go to more external managers; the assets had been managed internally. The scheme will continue to manage £115 million in pan-European equities internally.