UK - The £650m Bedfordshire County Council Pension Scheme has chosen a property fund manager to run a £50m property mandate.
The fund’s head of treasury Jim Welch said that the identity of the manager could not be disclosed until the scheme’s chief investment officer had returned from leave.
Welch said: “In looking at a wider diversification, we came to the decision that we would increase our exposure to property and take the indirect property route rather than accessing direct exposure to property.”
Henderson Global Investors currently has an active managed UK equity and a global fixed interest mandate with the scheme. Bank of Ireland Asset Management runs an overseas mandate and Barclays Global Investors manages an passive index multi-asset mandate.
None of the existing fund managers expressed an interest in managing the property mandate and Welch confirmed that none of the managers will be replaced by the new manager. The mandate – which went out to tender earlier this year – will come into effect on January 1, 2002.
The scheme is advised by independent adviser J Martin and Watson Wyatt provides actuarial and investment services.
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