Dorset County Pension Fund, Dorchester, England, hired six active equity managers and made its first investments in private equity, Nick Buckland, senior investment officer, said in an interview.
The £1.2 billion ($2.1 billion) fund hired AXA Framlington, Standard Life Investments and JPMorgan Asset Management to manage £26 million each in active U.K. equities. The assets had been internally managed in a £250 million passive U.K. equity portfolio.
Janus Capital Group and Societe Generale Asset Management were hired to run £24 million each in active U.S. equities. Funding came from reducing a passive U.S. equity portfolio run by Pictet Asset Management to £96 million.
The fund also hired Schroder Investment Management to actively manage £11 million in U.K. small-cap equities. Funding came from UBS Global Asset Management, which ran the money in a passive U.K. equity portfolio. Fund officials terminated UBS because they wanted the money managed actively, Mr. Buckland said.
The fund also hired private equity managers HarbourVest Partners to run £30 million and Standard Life Private Equity to manage £15 million. Funding came from cash, Mr. Buckland said.
The moves followed an asset allocation review of the pension fund, Mr. Buckland said.