Isle of Wight Council Pension Fund, Newport, England, hired Newton Investment Management to run up to 30% of the £210 million ($324 million) fund's total assets in an active bond portfolio and Majedie Asset Management to handle up to 40% of assets in U.K. equities, according to an announcement on Tenders Electronic Daily, a European public procurement platform.
Schroder Investment Management was reappointed to manage an active global equity mandate worth up to 50% of the total assets and a real estate portfolio potentially totaling up to 20% of the fund. Schroder had managed the entire fund in a multiasset mandate.
In 2008, fund officials made the move to diversify its stable of money managers, according to council documents at the time.
Precise amounts for each mandate were not available. According to the latest annual report for the year ended March 31, the fund had 43.6% in U.K. equity, 28.5% in overseas equity, 20.3% in bonds, 5.4% in real estate and the remainder in cash.
David Burbage, director of resources for the council, could not be reached by press time for further information. Consultant Hymans Robertson advised.
