The Falkirk County (Scotland) Council Pension Fund hired Aberdeen Asset Management to run a £120 million ($180 million) active global equity strategy, said Alastair Redpath, treasury manager.
Falkirk, which has about £1 billion in total assets, will fund the mandate by reducing a passive equity portfolio managed by Legal & General Investment Management by the same amount. L&G will continue as manager for the remainder of the passive global equity portfolio, about £200 million.
In total, about 70% of the fund is invested in equities, 15% in bonds, 10% in real estate and 5% in private equity. Fund officials are considering adding another five percentage points to alternatives at the expense of bonds, possibly later this year, Mr. Redpath said.
Hymans Robertson advised.