UK - Legal & General Investment Management has bagged a £240m passive global equity mandate (with a UK bias) at the £430m Northumberland County Council Pension Fund.
The move is the first in a string of pending appointments at Northumberland that will terminate the previous balanced arrangements held by Merrill Lynch Investment Managers and Schroders Investment Management. However, both managers retain a share of a near £20m property brief.
As reported exclusively by IPN, Northumberland also dropped Bank of New York (BoNY) and Schroder Investment Management (SIM) as its custodians in favour of Northern Trust.
The three other mandates currently being contested include an active UK equities brief (£65m); an active non-UK equities portfolio (£65m), and an active fixed-income mandate (£43m).
Five undisclosed managers have been shortlisted for each portfolio. Watson Wyatt advises.
By Madhu Kalia
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.