Northumberland County Council Pension Fund, Morpeth, England, hired Wellington Management International to run about £70 million ($114 million) in active U.K. bonds.
Wellington replaced European Credit Management, which was terminated in 2010, according to information on the £720 million fund’s website. The assets, which had been invested in a relative value European strategy, were temporarily parked in a passive strategy managed by transition manager Legal & General Investment Management.
The search was initiated in February 2010. Mercer advised.
Clare Gorman, senior accountant at the fund, could not be reached by press time for comment.