London Pensions Collective Investment Vehicle hired four equity managers, CEO Hugh Grover said in an e-mail.
The common investment vehicle, set up by London Councils, is designed to provide a platform through which the 33 local government pension funds in London can invest collaboratively. The pension funds have more than £25 billion ($38 billion) in assets.
Allianz Global Investors will manage an initial £510 million in its global equity alpha strategy for the CIV. Baillie Gifford will manage an active global equity strategy and separate active diversified growth equity strategy. Legal & General Investment Management and BlackRock will each manage three passive equity strategies — the U.K., developed markets ex-U.K and emerging markets. Mr. Grover could not provide allocation sizes for Baillie Gifford, LGIM and BlackRock.