Cardiff (Wales) and Vale of Glamorgan Pension Fund hired Aberdeen Asset Management to run a £25 million ($40.5 million) active emerging markets equity portfolio, said Richard Bettley, pension fund manager.
The portfolio is the £950 million fund’s first dedicated emerging markets equity strategy.
Funding came from £15 million in cash and a £10 million reduction in a U.K. passive equity strategy managed by BlackRock, to £130 million.
The plan’s overall overseas equity allocation was increased to 30% from 27%, while U.K. equity was cut three percentage points to 37.5%, according to Mr. Bettley.
Consultant bfinance advised.