UK - The £1.1bn Devon County Council Pension Fund is to invest in a new European Fund from Hermes.
Scheme investment manager Ian Faulkner explained that the Exeter fund already invests an unspecified amount in the Hermes’UK Focus Fund and has allocated EUR11m to the European Fund - which is run along similar lines - from the beginning of 2002.
On a separate note, Faulkner added that Devon has decided not increase its 1% allocation to ethical funds as was initially intended.
The Devon County Council Pension Fund is advised by Bacon & Woodrow.
By Janet Du Chenne
Railways Pension Trustee Company chief executive Phil Willcock has quit the scheme after only 10 months to take up a position as head of AIG UK Life.
The Financial Conduct Authority (FCA) has launched a consultation on how to enable defined contribution (DC) savers to invest in patient capital via unit-linked funds.
The Pension Protection Fund has published its final levy rules for 2019/20 following a consultation launched in September.
The Competition and Markets Authority's (CMA) final report on the investment consultant market has been celebrated as having "real teeth" to produce better outcomes for members.