UK - Baring, Houston & Saunders has been awarded the property mandate by Bedfordshire County Council Pension Fund which is more than trebling its property portfolio.
The £670m fund has also decided to increase its property portfolio from around £15m to £50m. Baring, Houston & Saunders is replacing direct manager LaSalle Investment Management.
Bedfordshire County Council’s head of treasury, Jim Welch, said: “We did a full review of our investment managers in 1998. At that time we decided that we would review our property advisors at some stage in the future.
This is why we went through the exercise we’ve just completed. When the decision was made we decided to go down the indirect route and increase the brief to £50m.”
The rest of the fund is managed by Henderson Global Investors, which manages the UK equity and global fixed income mandates; Bank of Ireland Asset Management for active overseas equity and Barclays which runs the passive multi-asset portfolio.
By Paul Sanderson
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