Worcestershire County pension fund taps 2 for emerging markets equity
Worcestershire County Council Pension Fund, Worcester, England, hired J.P. Morgan Asset Management and Schroder Investment Management to manage active emerging markets equity portfolios initially valued at £50 million ($80 million) each, according to Mark Forrester, the £1.36 billion fund’s principal accountant.
Funding came from the 2010 termination of GLG Partners, which had managed an estimated £300 million in active U.K. equities. The change was partly because of a change in strategy, with about a third of the GLG portfolio redirected into emerging markets and the remainder invested in a passive U.K. equities mandate run by UBS Global Asset Management, Mr. Forrester said.
Graham Wood, consultant at WM Co., advised. The RFP for emerging markets managers was issued in December.