Oxfordshire County Council Pension Fund, Oxford, England, hired Legal & General Investment Management to run a £100 million ($148 million) passive U.K. equity portfolio, said Paul Gerrish, head of finance and procurement for the £850 million fund.
L&G initially will track the FTSE 100 index, but that could be broadened to include non-U.K. passive equity exposure, Mr. Gerrish said.
Oxfordshire made the move to improve long-term performance, Mr. Gerrish said. Funding comes from terminating UBS Global Asset Management for performance, he said; UBS ran the same amount in active equities.
A call to UBS Global was not returned by press time.