UK - The £750m pension fund of Gallaher, the international tobacco manufacturing firm, has dumped Cazenove from a £110m UK equity brief and appointed Fidelity Investments in its place. The switch took place last month.
Fidelity will run the money on a specialist basis, with a brief to outperform the FTSE All-Share by 1%.
Pensions manager Allison Morris said the scheme was particularly impressed with Fidelity’s process.
William M Mercer acted as consultant.
By Luke Clancy
The PPI has unveiled a policy paper outlining current considerations and policy debates relevant to DC scheme default strategies. Kim Kaveh explores some of its views.
The £30bn local government pension pool has appointed Quoniam and Robeco to manage an active equity portfolio worth around £400m.
The volume of insured buyouts from FTSE 100 defined benefit (DB) schemes could increase from £5bn to £300bn by 2029, according to Lane Clark & Peacock (LCP).