The London Borough of Lewisham Superannuation Fund, London, reduced its U.K. equities allocation to 25% of total assets from 42%, and will move the money into active global equities and hedge funds of funds.
As a result of the reallocation, active U.K. equity portfolios managed by Capital International and UBS Global Asset Management were being terminated. Information on how much each manager ran the portfolios was not available at press time. UBS was appointed transition manager for the reallocation, according to the report.
UBS retains a fixed-income portfolio and a passive U.K. equity strategy. Information on the sizes of those portfolios was not available at press time.
Managers are scheduled to be appointed by the end of the year, said Andy Murray, procurement consultant for the £715 million ($1.4 billion) fund. Consultant Hymans Robertson advised.