London Borough of Havering Pension Fund hired Baillie Gifford to run up to £70 million ($112 million) in active unconstrained global equities, said Mike Board, corporate finance member at the £350 million fund.
Funding comes from terminating AllianceBernstein from a similar portfolio for performance in 2011. AllianceBernstein spokesman Mark Atkinson could not be reached for comment.
Hymans Robertson assisted the search, which began in August.
Separately, the pension fund rehired Hymans Robertson as investment consultant. That search also began in August.