UK - The £400m London Borough Croydon Pension Fund has dumped Edinburgh Fund Managers from a £47m UK small-to-mid caps active equity mandate, citing volatile market conditions as the reason behind the move.
Hermes Investment Management, which in August was appointed to a £220m UK passive portfolio previously run in-house, is to temporarily oversee the assets.
Ian Talbot, assistant director of finance at the local authority fund said that Croydon remains committed to a 100% equity stance.
He added that the although no firm decision had been reached on the long-term direction of the transferred assets, the fund was likely to manage the monies on a UK passive index basis. A decision on the £47m portfolio is expected during Q1, 2002.
Dresdner RCM Global Investors also runs just over £100m in active global equities for the fund. Talbot stressed that “there is no suggestion at this moment of altering Dresdner’s mandate”.
By Madhu Kalia
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.