UK - Goldman Sachs Asset Management is to manage the tactical asset allocation of Staffordshire County Council pension fund's £970m equity portfolio.
GSAM will monitor the exposure of the seven underlying portfolios managed by the council’s equity managers.
It will seek to ensure the equity portfolio is in-line with its strategic benchmark and aims to generate excess returns through its country and currency decisions.
Treasurer Richard Tettenborn said: “This is not our first venture into tactical asset allocation, but I hope it will be our most successful to date. “The commitment of GSAM to seek out performance of the benchmark should ensure a positive return for the pension fund.”
The council’s equity managers include Baring Asset Management, Putnam Invest-ments, Invesco Asset Man-agement, Jupiter Asset Man-agement and Deutsche Asset Management.
The mandate is GSAM’s eighth and largest win to date in the local authority market.
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