UK - State Street Global Advisors (SSgA) has won a £165m global equity 130/30 mandate from the Asda Group Pension Fund, for Global Alpha Edge.
Asda pensions manager Steve Jones said: “The appeal of the product was the opportunity for enhanced alpha relative to long-only mandates through short positions whilst having a cap on total liability.”
Global Alpha Edge is one of SSgA’s first products to incorporate a 130/30 investment methodology that is also UCITS III-compliant. It limits market exposure to 100%, the level of shorting improves the portfolio’s efficiency by providing a better risk-return ratio. The strategy aims to achieve consistent outperformance of 4% to 5% over a three-year market cycle. SSgA’s said the strategy maintains a 4% to 5% tracking error against its benchmark, the MSCI World Index.
SSgA senior managing director, UK Kanesh Lakhani said: “UK pension funds continue to move toward global equity strategies and are currently focusing on increasing the alpha from their equity portfolios efficiently within a risk budgeting framework.”
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.