Dorset County Council Pension Fund, Dorchester, England, hired three managers to run a total of £500 million ($776 million) in global equity allocations, said Nick Buckland, head of treasury and pensions.
The £2.1 billion pension fund hired Investec Asset Management and Wellington Management International to run £150 million each in global active equities, and Allianz Global Investors to manage a £200 million global smart beta equities allocation.
Mr. Buckland said in an e-mail that managers will be formally reviewed on a triennial basis, and the fund will review performance at each quarterly meeting of the pension fund committee.
The pension fund launched a search in April.
At the time of the search, Ian Shea, director at investment consultant bfinance, which was assisting with the search, said it was part of a restructure of the overseas equities allocation. The existing managers were Pictet Asset Management, which ran a global ex-U.K. strategy, and INTECH, which managed a U.S. equity allocation. Both were invited to rebid.