UK - Dorset County Council pension fund has awarded two fixed income mandates worth £280m.
The £1.4bn fund has awarded European Credit Management with a £140m contract and Royal London Asset Management with a £140m contract.
The assets were previously managed by Prudential M&G who had been the fixed interest manager for the portfolios since 1993. Prudential M&G declined to comment.
Dorset County Council pension fund investment manager, Nick Buckland, said the recruitment process was driven by the fund’s desire to boost overall performance by switching to an unconstrained approach for the fixed interest element of the portfolio.
Buckland said: “After a rigorous procurement exercise supported by bfinance the fund has appointed European Credit Management (ECM) and Royal London Asset Management (rlam), in total this represents approximately 20% of the Dorset fund.”
Pictet Asset Management, ING Real Estate, the in house team at Dorset County Council and firms selected by the county council in February 2006 will continue to manage the remaining £1.25bn of assets.