Gloucestershire (England) County Council Pension Fund switched to specialist money management and is searching for new investment managers for virtually the entire £630 million ($1.159 billion) plan, said Tony Jenkins, pension fund accountant.
Trustees hired bfinance to search for managers to run £170 million in gilts, general and index-linked fixed income; up to £170 million in U.K. core equities; £150 million in global equities, excluding the United Kingdom and emerging markets; up to £115 million in U.K. high-alpha equities; £45 million in property; and £20 million in emerging markets equities. Selections are likely by the end of the year, added Mr. Jenkins. Interested money managers can contact bfinance.
SG Asset Management, Henderson Global Investors and Insight Investment currently run most of the plan's assets - £205 million each - in balanced portfolios. Mr. Jenkins would not say why the plan moved to a specialist model or if the three managers would be invited to bid for the new portfolios. Hermes Pensions Management will continue to run a £15 million corporate governance mandate.
Watson Wyatt is advising.
