UK - The £860m West Sussex County Council Pension Fund has awarded a £360m balanced mandate to Baillie Gifford.
The brief was previously managed by Deutsche Asset Management.
The scheme’s only other balanced fund manager, UBS Global Asset Management, retained its brief.
Director for resources and county treasurer Helen Kilpatrick said: “Baillie Gifford has well defined equity and bond processes, stability of personnel given its partnership structure and has delivered good performance in the past.”
The fund has achieved an average annual return of 11.4% over the last 10 years, and has met its upper quartile performance target when measured against its benchmark.
The West Sussex pension fund’s performance last year put it in eighth position out of a total of 98 local authority funds. It has a combined value of £85bn.
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