Cambridgeshire County Council Pension Fund, Cambridge, England, appointed three active equity managers to run a total of £470 million ($928 million), confirmed John Hopwood, chief loans and investments officer at the £1.4 billion fund.
Credit Agricole Asset Management will run £170 million in active European equities, while active global managers Newton Investment Management and RCM will each run £150 million, Mr. Hopwood said.
The hirings were the result of an equity portfolio restructuring that began late last year. Fund officials had terminated UBS Global Asset Management, which ran £600 million in global equities, and reduced a European equity portfolio run by Schroder Investment Management by £100 million.
The combined £700 million portfolio which had decreased in value to about £610 million mostly due to market movements was used to fund the three new active equity mandates. SSgA, which was appointed in July, manages the remainder of the portfolio in a passive U.K. equity strategy.
Consultant Hymans Robertson assisted.