Cheshire County Council Superannuation Fund, Chester, England, hired four managers to run a total of £505 million ($888.9 million) in assets, said Nick Jones, senior accountant with the £2 billion plan. GMO will manage £215 million in active global equities, and Standard Life Investments, £225 million in active U.K. equities. Existing fund managers Baillie Gifford and Legal & General Investment Management will split £65 million in active global fixed income; the amount each manager will run wasn't available.
Baillie Gifford also runs a £688 million active global balanced portfolio for the fund, and Legal & General manages a £635 million index-tracking global balanced portfolio.
Funding came from a balanced portfolio run by Schroder Investment Management, which was terminated for performance, Mr. Jones said. Nik Ekholm, head of international media relations at Schroder Investment, did not respond to a request for comment by press time.
