City of London Corp. will conduct an asset allocation study of its £1.4 billion ($2.1 billion) investment portfolio.
The study will be performed by Hewitt Associates, which was hired as investment consultant, said Paul Mathews, corporate treasurer.
In the past, the city, which oversees investments for the £575 million pension fund, the £425 million City’s Cash endowment fund, and the £400 million Bridge House Estates foundation, had not implemented a strategic asset allocation. That’s because about one-third of assets are run by discretionary multiasset managers, which make their own allocation decisions.
Hewitt replaced John Woods & Associates; the search began in November.