Lancashire County Council Pension Fund, Preston, England, is considering a search for an infrastructure manager to handle 4% to 5% of the £3.1 billion ($4.5 billion) fund, said Mark Bennett, Lancashire principal accountant.
Mr. Bennett said funding could come from money that had been earmarked for a search for at least one global enhanced index equities manager; that search was canceled in November. Funds for that search, about £310 million, are now run by Legal & General Investment Management in a passive global equity fund.
“We’re basically staying with our index tracking manager,” Mr. Bennett said. “It simply wasn’t compelling enough” to move to an enhanced manager, based on prospective returns vs. costs.
