Environment Agency Active Pension Fund, Bristol, England, is conducting an asset allocation review of its £1.7 billion ($2.72 billion) fund, confirmed Howard Pearce, head of environmental finance and pension fund management.
The review is expected to be completed in 2012, Mr. Pearce said in an e-mail.
Actuary Hymans Robertson and investment consultants Mercer, Rathbone Greenbank Investments and bfinance will assist in the review. Rathbone Greenbank is an ethical investment specialist consultant and bfinance is a manager strategy and selection specialist.
Because of the review, a search begun in December 2009 for global bond managers to run £150 million has been canceled, Mr. Pearce wrote. The search had been delayed by matters related to the U.K. government’s review of public sector pension funds, he added, and it’s too early to say whether the global bond search would be resumed or other searches begun once the review is finished.
Separately, the fund hired Comgest to run £80 million in active emerging markets equities.
Funding came from terminating the portfolio’s previous manager, Scottish Widows Investment Partnership, because of staff changes and investment performance. SWIP officials were unable to comment by press time, said spokeswoman Victoria Jackson.
