UK - The approximately £230m London Borough of Richmond Superannuation Scheme is raising its bonds allocation, according to Malcolm Smith, principal accountant at the fund.
Smith said that the fund will raise its bonds allocation by 5% with the increase in fixed income being funded by cuts in its equities holdings. The incumbent managers - Henderson Global Investors and Schroder Investment Management - will see their mandates adjusted as a result of the change, he said.
Additionally, Smith revealed that the fund is moving to a scheme specific benchmark. At present, the fund uses the WM Company local government benchmark. The move to the scheme specific benchmark follows an asset liability study that the fund conducted in the second quarter.
By Geoffrey Ho
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