UK - The £4.9bn West Midlands Metropolitan Authorities Pension Fund is set to appoint a manager to run approximately £130m in UK non-government sterling bonds.
The appointment follows an asset liability study, which has also led to its in-house investment team increasing its allocation to corporate bonds and to a small shift from UK to global equities.
West Midlands finance and physical resources co-ordinating director Brian Bailey said the scheme has compiled a shortlist of firms for the £130m mandate.
But he added: “The funding will come from internal resources and a rebalancing of the portfolio. We’ll probably sell some equities when the market is better, so we’re in no rush to do it.”
However, the fund has appointed three managers to each run £60m in global equities.
The winning firms are Bank of Ireland Asset Management, MFS Investment Management and Putnam Investments.
The funding for these mandates will come from it reducing its UK equity holdings.
Mercer Investment Consulting, HSBC Consulting and Gartmore assisted the fund with the appointments.
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