Gwynedd Council Pension Fund, Caernarfon, Wales, selected Insight Investment Management to run a £130 million ($199 million) active absolute-return bond portfolio, according to an announcement on European procurement platform Tenders Electronic Daily.
The portfolio had been managed by BGI, now BlackRock, in a passive strategy, according to a previous interview with an official at the fund, which has about £850 million in total assets. Fund authorities had wanted to shift assets into an active bond strategy and issued an RFP in March 2009. Hymans Robertson advised.
Marina Parry-Owen, pensions and investments officer, could not be reached for further comment by press time.