Northumberland County Council Pension Fund, Morpeth, England, named First State Investments, Meridiam Infrastructure and Global Infrastructure Partners as finalists in its shortlist search for at least one infrastructure manager to run about £23 million ($38 million), said Clare Gorman, senior accountant for the £763 million fund.
If two managers are selected, they would likely split an increased mandate of £38 million.
In January, the fund’s governing panel selected KKR for the mandate, but a staff departure at KKR led the panel to reverse its decision, Ms. Gorman said. She would not name the departing KKR staff member.
Mercer, the fund’s investment consultant, recommended the move into infrastructure in an asset-liability study in late 2009 and is assisting in the shortlist search.
Funding will come from cash or rebalancing, depending on timing, Ms. Gorman said.
Fund officials could make a decision at its June 27 meeting. If the right manager cannot be found, the fund will not invest in infrastructure, Ms. Gorman added.