The Merseyside Pension Fund, Liverpool, England, hired JPMorgan Asset Management to run an active £100 million ($190 million) European ex-U.K. equity portfolio, Financial Controller Gerard Moore said. Funding came from terminating Wellington Management from a £160 million active pan-European equity portfolio. The remaining £60 million went to alternatives, Mr. Moore said; he declined to provide further information.
The move is part of the £3.8 billion fund's ongoing strategic reallocation to reduce its U.K. equity exposure to 31% from 36% of assets, increasing overseas equities to 25% from 22% and alternative investments to 18% from 16%.
Bfinance assisted.
