US - Fidelity Investments was one of three managers dropped by the Chicago Public School Teachers' Pension and Retirement Fund as the portfolio moved towards a heavier index weighting.
In the shake up Fidelity and Waddle & Reed Asset Management group lost US$328m and $322m in US active large cap mandates while Smith Graham lost a $70m fixed income portfolio.
The redeemed $720m has been divided among the plan’s existing managers. Rhumbline advisers got $278m and Lynmar Capital had $50m added to its large cap portfolio.
Meanwhile, Northern Trust was given $270m and Piedmont Investment Advisors received $50m. The $70m Smith Graham fixed income mandate was given to Northern Trust, who now manages $1.9bn for the pension fund.
The HSBC Bank UK Pension Scheme is to invest £250m in renewable energy infrastructure, such as solar plants and wind farms, with Greencoat Capital.
With Brexit talks breaking down late on Sunday night in Brussels over the Irish border, investors may be wondering how to best navigate the next few weeks and months. Our assessment is that a number of UK assets have already priced in a significant chance...
Pension freedoms could generate as much as £1.9bn a year in tax revenue for the next 10 years, according to research by the Pensions Policy Institute (PPI).
The Pension Protection Fund (PPF) has conceded it does not have "all the data we need to calculate" the impact of last month's ruling that some benefits may be unlawful.