UK - Norfolk Pension Fund, which oversees retirement provision for some 52,000 employees, has awarded an active currency mandate to Goldman Sachs Asset Management.
As Goldman Sachs was not listed as an asset manager in the report, it is thought the tender represents a new mandate.
The fund originally tendered for the mandate in July last year, (www.globalpensions.com; 31 July 2007) when it said it was seeking a manager for a specialist active currency overlay portfolio with a segregated or pooled structure, targeting returns of 1%. Overall, the fund's total overseas equity exposure is £700m.
At the time, Glenn Cossey, Norfolk County pension fund investment manager, told Global Pensions the decision resulted from an asset liability study which he hoped would diversify and add alpha to the portfolio.
Nobody from the Norfolk Pension Fund was available for comment.
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