Dumfries & Galloway Council Pension Fund, Dumfries, England, hired State Street Global Advisors to manage £118 million ($205.9 million) in passive global equities, said Andrew Ewart, treasury and insurance officer. Officials of the £360 million fund also hired Legal & General Investment Management to run £122 million in passive U.K. equities. Funding came from terminating Deutsche Asset Management, which ran £240 million in global equities; DeAM sold most of its U.K.-based business to Aberdeen Asset Management last year. DeAM continues to manage a £15 million real estate portfolio for the plan, and Aberdeen Asset Management continues to run a £105 million domestic fixed-income portfolio.
Fund officials also hired State Street Corp. as global custodian of an $80 million fixed-income portfolio and are in talks with the company to become global custodian for the entire £360 million plan.
Consultant Hymans Robertson assisted.