UK - The £670m Bedfordshire County Council Pension Fund is going to conduct an asset liability study (ALS) in the second quarter.
Jeff Reader, the new head of treasury at Bedfordshire, said that the fund is currently undergoing a valuation and that he expects the results to be in by the end of the month. After the results had been properly digested, the fund will turn its attention will turn to conducting the ALS, he said.
The last time the fund reviewed its investment arrangements was three years ago Reader said.
Although he did not rule out the possibility of changing managers, he did say that it was more likely that if the current investment structure was found unsuitable for the fund’s needs, the most likely scenario would be the scheme simply shifting assets between its asset managers.
Presently, the fund has Barclays Global Investors (BGI), Bank of Ireland Asset Management (BoI) and Henderson Global Investors as its investment managers. BoI runs an active overseas equities mandate, Henderson runs active UK equities and global fixed income briefs, whilst BGI runs a passive multi-asset portfolio.
Additionally, BGI is responsible for keeping the overall asset allocation of the fund close to the CAPS discretionary (including property, excluding emerging markets) benchmark.
Watson Wyatt will be assisting the fund with the study.
In December, the fund replaced LaSalle Investment Management with Baring, Houston & Saunders as its real estate manager. Jim Welch, Reader’s predecessor said at the time that the fund would increase its property portfolio from around £15m to £50m. Welch retired at the end of last year.
By Geoffrey Ho
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