Hertfordshire County Council Pension Fund, Hertford, England, hired Legal & General Investment Management to run £300 million ($471 million) in passive and liability-driven investments, according to Tenders Electronic Daily, a European procurement website.
Further details on the size of the passive and LDI mandates or how the passive assets will be run could not be determined. Patrick Towey, group manager, specialist accounting, at the £2.4 billion fund, declined to provide additional information.
Separately, the fund terminated AllianceBernstein, which ran £353 million in active global equities.
A reason for the termination was not given, but performance concerns about AllianceBernstein were raised in previous fund meeting minutes. Also, the selection of a passive manager would allow the fund to move assets more quickly away from poor-performing managers, Nick Sykes, European director of consulting at Mercer, the fund's investment consultant, told the board, according to meeting minutes.
AllianceBernstein spokesman Mark Atkinson declined to comment, citing company policy not to discuss clients.