Merseyside Pension Fund, Liverpool, England, hired Citigroup Global Markets and Nomura International as new transition managers, said Owen C. Thorne, investment officer for the £5.8 billion ($9.7 billion) pension fund.
The pension fund also rehired incumbent transition managers BlackRock and State Street Global Markets. Mr. Thorne wrote in an e-mail that an RFP was issued “to refresh our already existing framework, particularly in view of (incumbent transition manager) J.P. Morgan's decision to withdraw from the transitions business.”
Legal & General Investment Management, the fourth incumbent, rebid for the services, Mr. Thorne said.
Investment consultant Mercer assisted.