London Borough of Newham Pension Fund hired Morgan Stanley to run about £60 million ($96 million) in a diversified alternatives strategy, said David Dickinson, principal finance officer for the £625 million fund.
Morgan Stanley will be able to span alternative strategies but will not duplicate the fund's investments in infrastructure, private equity and real estate.
Funding came from reducing a passive equity portfolio run by Legal & General Investment Management to £150 million.
Separately, Barnett Waddingham was hired as actuary and investment consultant, replacing Mercer as actuary and Hewitt as investment consultant.
The fund performed two separate searches for the roles, however Mr. Dickinson said fund officials preferred selecting a single provider.