London Borough of Camden Pension Fund, England, hired Harris Associates to run an unconstrained global equity allocation.
A spokesman for the fund referred questions to a committee report detailing the hire of Harris Associates.
The £1.2 billion ($1.9 billion) pension fund’s target equity allocation is two-thirds active, one-third passive, although it is currently closer to an even split. It has a 47% (£340 million) active allocation, with the remaining 53% (£380 million) in passive.
The pension fund will transfer funds to Harris Associates in two stages — first by rebalancing the active and passive exposures, to create £480 million active and £240 million passive allocations —transferring £140 million to Harris. Its passive equity manager is L&G, according to the report.
Then, the pension plan intends to invest a further £100 million with Harris in the second stage, funded by withdrawing the same amount from the other active global equity manager, Aberdeen Asset Management, according to the report.