Flintshire County Council Clwyd Pension Fund, Mold, Wales, hired four managers to run about £300 million ($481 million) in equity and tactical asset allocation strategies as part of a broader overhaul of the £1 billion fund’s investment portfolio.
Philip Latham, head of pensions and funds, said State Street Global Advisors will manage £190 million in passive global developed markets equities. Also, Duet Group will run about £50 million in a new active unconstrained global equities strategy, while BlueCrest Capital Management and Pyrford International will each manage £30 million in tactical asset allocation strategies, according to Mr. Latham.
The appointments resulted from a search that began in September after a new asset allocation plan was approved. The restructuring included cutting the plan’s equity portfolio to 43% of total assets, from 55%.
Fixed income increased slightly to 15% from 13%, with the entire portfolio to be invested in an unconstrained strategy.
The alternatives allocation saw the biggest jump, to 42% from 32% of total assets.
Consultants JLT Benefit Solutions and bfinance advised.