Search activity for the third quarter of 2020 increased 45.7% from the prior quarter but decreased 15.7% from the third quarter of 2019. Service provider and traditional manager searches increased 52.38% and 41.66% from the prior quarter, respectively. Notable activity for the quarter included Brunel Pension Partnership’s $3.4 billion searches for international/global fixed-income strategies; Pennsylvania Municipal Retirement System’s $1.4 billion searches for equity and fixed-income strategies; and Etablissement de Retraite Additionnelle de la Fonction Publique’s $1.1 billion search to hire four managers for its multiasset portfolios.
Hiring activity increased 36.2% from the previous quarter to $65.47 billion. The number of hires decreased 14.5% for the quarter but increased 12.4% from the same period a year ago. BlackRock won 10 mandates totaling $5.8 billion, which included a hire by Civil Aviation Authority Pension Scheme for its £4 billion ($5.3 billion) growth portfolio. NN Investment Partners received a $5.1 billion fiduciary mandate from Stichting Pensionfonds SNS REAAL for its EUR would prefer the euro symbol 4.3 billion ($5.1 billion) fund. CVC Capital Partners received $3.1 billion from 10 commitments to its private equity buyout strategies, including commitments from CalPERS and New York State Common Retirement Fund.