UK - Mellon Transition Management Services (MTMS) group completed a transition management mandate for the London Borough of Brent Pension Fund (LBBPF) £130m global equity portfolio.
The MTMS team provided the shift of assets from Brent’s legacy portfolio to its target portfolio.
The global equities mandate which had not been tendered for six years was nabbed by Alliance Berstein from Bank of Ireland Asset Management.
Mark Keleher, president of MTMS, said: “Typical costs for pension funds when trading large portfolios can be as high as 2-3%, but transition management can reduce these costs significantly.”
Martin Spriggs, head of exchequer & investment for the LBBPF, added: “Mellon Transition Management Services team has completed the mandate, within budget, at a time when markets have been extremely volatile.”
In January 2006 Mellon Capital Management Corporation, a Mellon subsidiary specialising in global quantative strategies, was appointed to manage a £150m currency overlay mandate for the overseas portfolio of the LBBPF.
By Angele Spiteri Paris
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.