UK - The £646m Shropshire County Council Pension Fund has appointed Goldman Sachs Asset Management to run a £49m US enhanced index brief.
Shropshire dropped JPMorgan Fleming Asset Management last September for “poor performance”.
Since then, the money has been managed on a passive basis while the council considered how to reallocate it.
Shropshire will be investing in GSAM’s US Enhanced Index product, which aims to combine consistent outperformance with a low targeted tracking error of between 1% and 2%.
GSAM UK institutional business development team member Sally Marshall said: “The enhanced index product is designed to improve a fund’s risk return ratio.
“Risk is kept to a minimum by staying close to the index but returns are improved by taking small high confidence bets against it.”
GSAM’s quantitative equity team is led by Bob Jones and consists of over 30 people managing £18.5bn of assets – including £4.6bn for US enhanced large-cap mandates.
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