Devon County Council Pension Fund, Exeter, England, hired fixed-income managers Lazard Asset Management and Wellington Management International to run £150 million ($247 million) each, and active global equity managers Aberdeen Asset Management and Sarasin & Partners to run £90 million each, according to Tenders Electronic Daily.
The fund is looking to rebalance back to its 70%/30% equity/bonds target allocation from a 58%/42% split at March 31, and said that it would use cash to buy equities, according to the £1.8 billion fund's website.
The asset allocation as of March 31 was 27.3% international equities; 26.4% U.K. equities; 15.4% cash; 10.1% U.K. bonds; 7.7% international bonds; 7% property unit trusts; 4.9% U.K. index-linked bonds; 1.2% infrastructure. Half of the property and infrastructure allocations are considered equities.
Devon County investment manager Barry White did not respond by press time to requests for further information.