Updated July 16, 2010
East Sussex County Council Pension Fund, Lewes, England, hired five managers to run a combined £765 million ($1.1 billion) in various strategies, spokeswoman Elaine Roberts confirmed.
The £1.7 billion fund hired active global equity managers Lazard Asset Management and Marathon Asset Management to run £255 million and £85 million, respectively; multiasset class managers Ruffer Investment and Newton Investment Management to each run £127.5 million; and real estate manager Schroder Investment Management to manage £170 million in a fund of funds.
Funding for the global equity and multiasset class mandates came from reducing passive equity strategies run by Legal & General Investment Management to £425 million. Funding for the real estate mandate came from cash and from moving funds run by UBS and M&G Investments into Schroder’s fund-of-funds mandate, Ms. Roberts said.