Investment manager Frank Russell has won a £50m global equity mandate from the UK's £350m Express Dairies pension scheme.
The multi-manager mandate is a result of a strategic benchmark review that the scheme conducted. To fund the mandate, the scheme is transferring some money from current managers Deutsche Asset Management (DeAM) and Legal & General (L&G), as well as using spare cash from a recent scheme amalgamation.
According to Stephen Nichols, pensions manager at the fund, the transfer of cash from DeAM and L&G is not an indication of dissatisfaction with them, rather: we felt we needed another manager in the mix. The fund is being realigned - we are not unhappy with them.
Prior to the review, DeAM & L&G had the fund split equally between them. DeAM ran an active £175m mandate, whilst L&G ran £175m passively. Nichols said that following the review, the fund has also decided to raise its zero weighting in property to 7%, which DeAM will run.
By Geoffrey Ho
The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) have launched a refreshed ScamSmart campaign to warn savers about unsolicited pension communications.
Ann Harris OBE and Mike Dailly have been appointed non-executive directors at the upcoming single financial guidance body (SFGB).
Pension schemes are "placing too much focus" on a narrow section of the private debt market where competition is driving down "compelling opportunities", according to Willis Towers Watson.
Barnett Waddingham's head of business development Adrian Cooper has left the consultancy to join TPT Retirement Solutions in a newly-created role.