Lincolnshire County Council Pension Fund, Lincoln, England, hired Morgan Stanley Investment Management to run a diversified alternatives portfolio totaling £180 million ($284 million), or 15% of the £1.2 billion fund.
Nick Rouse, assistant investment manager of the fund, said the hire was part of a broader portfolio restructuring that resulted in the reduction of equities to 60% from 65%, and bonds to 13.5% from 18.5%, of total assets. In addition, a private equity portfolio accounting for 5% of the total fund will be transferred to MSIM to be included in the alternatives multiasset strategy, Mr. Rouse said. No manager was terminated.
An RFP was issued in April.
JLT Actuaries and Consultants advised.
