UK - The £723m Cumbria County Council Superannuation Fund has completed its asset reshuffle following the dissolution of two balanced equity mandates, held by Phillips & Drew (£307.5m) and Schroder Investment Management (£371m)*.
The fund has awarded a £100m global equities mandate to Putnam Investments and two UK equities mandates worth £122m each to Capital International and Schroder Investment Management.
The dissolution of the balanced mandates made available a £80 global bond mandate, which was awarded to Rothschild Asset Management.
Morley Fund Management lost its £31m passive mandate, which was incorporated into a newly-formed passive index-linked mandate. This £252m mandate was awarded to Legal & General Investment Management.
SLC Langbourn has been retained to manage a £47m property brief.
Deutsche Bank has been appointed as the sole global custodian for the fund. The fund previously had separate custody arrangements with each of its investment managers.
The Carlisle-based scheme was advised by Hymans Robertson.
*Phillips & Drews and Schroders mandates were last valued on March 31, 2001.
By Janet Du Chenne
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