Lancashire County Council Pension Fund, Preston, England, chose eight transition managers to form a panel that could oversee changes to its money managers.
The £5.2 billion ($7.8 billion) pension fund chose BlackRock Advisors (U.K.), Citigroup Global Markets, Goldman Sachs International, Legal & General Investment Management, Macquarie Capital (Europe), Nomura International, Northern Trust and Russell Implementation Services for the panel, said an announcement filed with European procurement website Tenders Electronic Daily.
The hires followed a search that began in September. A notice at that date, also filed with TED, said the pension fund would be reviewing investment arrangements over the next four years, and “as a result expects to make significant changes to its strategic asset allocation, and also potentially its stable of investment managers.”
External money managers ran 64% of assets as of March 31, 2014. The remainder is managed in-house. Bank of New York Mellon was listed as a manager for £82.5 million of credit and fixed-income transitions as of March 31, 2014, in the pension fund's latest available annual report. Nomura was listed for £1.9 million of equities transitions.
Executives at the pension fund and corporate procurement office did not respond to requests for comment by press time.