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.
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