Hampshire County Council Pension Fund, Winchester, England, hired seven managers as part of its shift from a multiasset to specialist investment strategy, according to a news release. The £2.5 billion ($4.7 billion) pension fund appointed: AllianceBernstein and Newton Investment Management to run £300 million each in active global equities strategies; Legal & General Investment Management and State Street Global Advisors, £250 million each in passive fixed-income strategies; CB Richard Ellis, £200 million in active U.K. real estate; Western Asset Management, £125 million in active global bonds; and Arlington Securities, £50 million in active European real estate.
Funding came from reducing portfolios run by the fund's existing managers. Schroder Investment Management now runs £300 million in active U.K. equities; it previously ran £1.1 billion for the fund. Aberdeen Asset Management now runs a £200 million active U.K. equity portfolio and a £300 million active global equity strategy; it had run a total of £900 million. SG Asset Management now runs £225 million in active U.K. equities; it had run £500 million. The three are multiasset managers that run domestic and international equities and fixed interest and index-linked bonds. In addition, Cordea Savills was terminated from running £100 million in active real estate.