The Wiltshire County Council Superannuation Fund, Trowbridge, England, plans to conduct a shortlist search for long-short, active and passive currency, and unconstrained global equity managers, according to capital and investments manager David Broome. Officials at the £1 billion ($1.86 billion) scheme are restructuring the investment portfolio to reduce volatility without "giving away returns," he said.
The scheme will hire at least one manager for each of the following new allocations: a £50 million long-short equities portfolio, preferably invested in a fund-of-funds strategy; a £75 million active unconstrained global equities portfolio; and an active currency strategy with nominal assets of about £300 million to £400 million to be managed along with a passive currency strategy to hedge about £400 million of the fund's foreign equity exposure.
Fund officials terminated Northern Trust Global Advisors, which ran a £150 million multimanager portfolio, as part of the restructuring. They also trimmed an active fixed income portfolio managed by Western Asset Management by £25 million to £175 million; adding £30 million to an active real estate fund of funds managed by ING Real Estate Investment Management; and switched Baillie Gifford's active U.K. and active international equities mandates, which totaled £75 million, to an unconstrained global equities strategy, Mr. Broome said.
Managers for the new portfolios will be appointed in April. Consultant Hymans Robertson is assisting.