UK - Societe Generale Asset Management (SGAM) and Capital International have lost global and UK equities mandates from Suffolk County Council pension fund.
Previously, the pension fund had allocated 50%of its equities globally with the remainder going to the UK. But following the shift, 60% of the equities will now be invested globally and 40% in the UK.
Suffolk corporate finance manager, Peter Edwards, said: “With this change we are looking for a broader range of market exposure. In the UK, markets are relatively concentrated and dependant on a small number of large companies.”
Edwards continued: “SGAM and Capital were invited to retender for the mandate, but were not successful this time.”
JPMorgan Asset Management and Newton Investment Management Limited have been chosen to manage two £170.5m (US$350m) global equity mandates for Suffolk County Council pension fund.
Meanwhile, the UK equities mandate was won by BlackRock, which will manage £85.3m (US$175.4m).
The scheme is also expected to name a passive currency hedging manager and a £60m (US$123.5m) active currency mandate in September.
Suffolk County Council pension fund is advised by Hymans Robertson.
Pension freedoms could generate as much as £1.9bn a year in tax revenue for the next 10 years, according to research by the Pensions Policy Institute (PPI).
The Pension Protection Fund (PPF) has conceded it does not have "all the data we need to calculate" the impact of last month's ruling that some benefits may be unlawful.
A looming court decision on gender equalisation of pension schemes could hit FTSE 100 profits by up to £15bn, Lane Clark and Peacock (LCP) says.
Dutch custodian KAS Bank has created a fintech solution to help schemes save on costs and improve transparency of currency hedging strategies.