Greater Gwent (Torfaen) Pension Fund, Pontypool, Wales, hired Aberdeen Asset Management to run £120 million ($198 million) in active global equities, said Graeme Russell, head of employee services.
The size of the mandate increased from £100 million when the search began in July because of the increase in total fund assets, which are now £1.35 billion fund, Mr. Russell said in an e-mail response to questions.
Funding comes from terminating SSgA, which ran a similar-size active U.K. equities portfolio. Fund officials created the global portfolio to move more equities overseas.
Separately, Aberdeen today reported assets under management of £146.2 billion as of Sept. 30, up 32% from a year earlier and up 13% from the previous quarter, mostly as a result of the acquisition of Credit Suisse Global Investors.
The Credit Suisse business added £35.1 billion to Aberdeen's total AUM.
Net inflows into equity strategies of £4 billion partially offset net outflows from bond strategies of £14 billion. Aberdeen won an additional £3.6 billion in new mandates in the year ended Sept. 30 that have yet to be funded.
Pretax profit for the year ended Sept. 30 before exceptional items, amortization and impairment of intangibles was £85.1 million, down 10.5% from a year earlier. Revenue was £421.9 million, down 1.9% from the previous year.