Strathclyde Pension Fund, Glasgow, Scotland, selected HSBC Global Asset Management, Legal & General Investment Management and State Street Global Advisors for a preapproved list to run a total of £550 million ($830 million) in fundamental indexed global equities, a spokeswoman for the fund confirmed.
The £11.2 billion pension fund began a search in October due to an increase in the pension fund's allocation to passive equity investments after an asset allocation review led by investment consultant Hymans Robertson. The active/passive split of equity assets was decreased to 57.5%/42.5% from 65%/35%.
Jacqueline Gillies, chief pensions officer for investments, and Alan Purdie, manager research analyst at Hymans Robertson, were not available by press time.
