WALES - The £736m Torfaen County Borough Council (Greater Gwent) Pension Fund is likely to start a search for specialist managers by August for briefs totalling around £515m.
The fund is likely to tender for specialist managers in active European, UK and Far Eastern equities, and active global bonds, said deputy director of finance Graeme Russell.
And as part of the move towards a largely active specialist portfolio, Torfaen is to cull a £257m UK equities brief held by Gartmore Investment Management, although the firm has been invited to reapply. Remaining assets are handled by Barclays Global Investors as part of a global balanced mandate covering European and Far Eastern equity and global bonds.
Additionally, Russell said that further moves into alternatives will be considered. The fund already holds a small percentage of assets in UK property and venture capital but is also looking at hedge funds, as well as a “refinement” of existing holdings.
Torfaen is also the latest scheme to adopt a customised benchmark away from the Caps Median.
Mercer Investment Consulting advises.
By Madhu Kalia
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