UK - The £800m Cambridgeshire County Council has completed its selection process for private equity managers and a global custodian.
The Council has appointed Adams Street Partners and HarbourVest Partners, each with a mandate of £25m, to the private equity portion.
Adams Street will invest in a global private equity fund, and HarbourVest's investments will be divided equally between an international fund and a US fund.
In addition the Council has recently committed £2m to The First Cambridge Gateway Fund for investment in the equity of early stage high technology companies, principally in the Eastern Region.
County Council director of resources Mike Parsons said: These appointments are the first significant commitment to private equity for the Cambridgeshire pension fund, and over time will build up to a weighting of approximately 4% of the whole fund.
This type of investment has generated very impressive investment returns over a long period, and I believe this additional diversification of the fund's assets will be beneficial.
The award of a global custody mandate has been made to Deutsche Bank who are currently custodians of part of the fund.
Parsons said: I believe there are many advantages to be gained from the appointment of a global custodian, and I look forward to the improvements in accounting and reporting which this appointment will provide.
Hymans Robertson advised on the moves.
Last month JP Morgan asked not be reconsidered for the Cambridgeshire custodian mandate following a tender for a sole provider at the local authority scheme because it was too “small”, according to a source at the scheme.
By Luke Clancy
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.