UK - The £22bn British Coal Pension Schemes are to look at whether or not they will retain Goldman Sachs Asset Management services in the third quarter, according to David Morgan, chief executive of CMT Pension Trustee Services.
Goldman Sachs’ contract with the Mineworkers Pension Scheme and the British Coal Staff Superannuation Scheme runs out in August, Morgan said. Approximately £16.1bn - or 73% of the schemes’ combined assets - is run by Goldman Sachs Asset Management.
Morgan was quick to point out, however, that the most likely outcome would be that Goldman Sachs would be reappointed by the two schemes. The funds recently decided to reappoint Lasalle Investment Management to run their combined real estate portfolios worth £2bn.
Goldman Sachs manages the £16.1bn as a global balanced brief for the two schemes.
According to Pension Funds and their Advisors, the two schemes’ other investment managers are Cinven, Edinburgh Fund Managers, Fidelity, Rothschild Asset Management and Schroders.
By Geoffrey Ho
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