London Borough of Sutton Pension Fund’s asset allocation review might lead to searches for managers in new asset classes for the £320 million ($522 million) fund, such as infrastructure and absolute return, said Anthony Reeves, chief accountant.
Investment consultant Hymans Robertson is assisting with the review. A strategic plan is expected to be finalized within six months, Mr. Reeves said.
Separately, the fund hired Legal & General Investment Management to run about £100 million in passive global equities, Mr. Reeves said.
Funding comes from terminating AllianceBernstein for performance of an active global equity portfolio. AllianceBernstein spokesman Mark Atkinson declined to comment.
LGIM’s passive mandate will be about half U.K. equities and half international equities and has a custom benchmark.
Hymans Robertson assisted.