Tyne & Wear Pension Fund, Hebburn, England, hired six active equity managers to run a combined £1.31 billion ($2.1 billion), said Ian Bainbridge, assistant head of pensions at the £4.3 billion fund.
J.P. Morgan Asset Management and Sarasin & Partners will each run £425 million in global equity, while BlackRock and Mirabaud Investment Management will each run £160 million in U.K. equity. Lazard Asset Management will handle £90 million in Japan equity, and TT International will manage £50 million in Asia ex-Japan equity.
Funding comes from terminating Schroder Investment Management — which ran £235 million in active Japan equity and £87 million in active Pacific Rim equity — and Capital International from a £378 million active global equity mandate. The terminations followed a strategic asset allocation review, Mr. Bainbridge said. He declined to say why the pair was terminated.
Further funding came from reducing UBS Global Asset Management’s pan-European active equity portfolio by £163 million. UBS now runs £424 million. The remaining assets used to fund the hires had been parked in passive U.S. and U.K. equity funds run by Legal & General Investment Management.
Hymans Robertson assisted.