UK - Mellon Transition Management Services (MTMS) group has completed a transition management mandate for the North Yorkshire Country Council Pension Fund's £680m global equity portfolio, which threw out its customised benchmark in the process.
The transition saw all three managers, Baillie Gifford, Barclays Global Investors and Standard Life, retain their foothold.
"No manager lost any business, but we did change what they do to move towards a more specialised strategy," said Neil Sellstrom, the fund's principle accountant.
All three managers still run mandates worth approximately £260m each.
Standard Life now runs a UK high alpha equity portfolio and BGI has been assigned to manage global equities ex-UK. After the transition, Baillie Gifford was appointed to manage two mandates, one in high alpha global equities and another in long term global growth.
The transition did see the pension fund throw out its customised global equities benchmark it had created. "This was not due to performance issues but to make better use of our risk budget," Sellstrom explained.
He said each manager now worked against a FTSE all world benchmark, adapted according to what mandate was being run.
In July, the £1.1bn pension funds issued a tender for a new global tactical asset allocation mandate.
Companies have been shortlisted to run the £44m overlay portfolio and the appointment is due to be made in December or January.
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