British Coal Staff Superannuation Scheme, Sheffield, England, hired Barclays Global Investors to manage 33% of plan assets in passive equities as well as an undetermined amount in quantitative global core equities, said David Morgan, CEO. The £9.2 billion ($15.3 billion) scheme also hired "satellite" equity managers Schroder Investment Management to run U.K. small-cap equities; First State Investments, emerging markets; Nordea Asset Management, global growth; and AllianceBernstein, global value. Mr. Morgan said the five "satellite" managers will run a total of 20% of the plan's assets; the component is one of three tiers the plan has implemented, along with 33% each in core and passive. The remaining 14% will be invested in private equity, real estate and cash. He could not provide individual asset sizes.
Funding will come from Goldman Sachs Asset Management, which had managed 80% of the scheme's assets; it now runs 30% in the core component - fundamental global equities, quantitative global equities and U.K. bonds. Watson Wyatt Worldwide assisted.