LONDON — Unison hired Standard Life Investments to manage £147.9 million ($297.1 million) in an equity portfolio comprising 60% U.K. equities and 40% overseas equities, Mary Maguire, spokeswoman for the trade union, confirmed in an e-mail. Officials of the £276.3 million fund picked Standard Life largely because of its social responsible investment unit, which can manage the assignment “within the parameters of our SRI policy” without excluding too many stocks, Ms. Maguire said. No information was available about how the money was managed previously.
The fund also hired Morley Property to run a new £34.5 million property portfolio and Record Currency Management to run a new £5.5 million currency portfolio.
The changes are the result of a new asset allocation and to “maximize return and minimize the risks,” Ms. Maguire said. The fund switched to a mix of 55% equities, 30% bonds, 13% property and 2% active currency. It previously had 65% equities and 35% bonds. Actuarial and investment consultants Lane Clark & Peacock assisted with the search.
Aberdeen Asset Management remains the fund’s fixed-income manager.
