UK - The Strathclyde Pension Fund has awarded its first unconstrained, long only, global equity mandates to Alliance Bernstein, Edinburgh Partners, Invesco and Lazard.
The £8.9bn fund said full details of the mandates' size and start dates would be confirmed "in due course", and added they would be funded from existing mandates already in place in the fund.
David Crum, chief pensions officer, said the fund made the decision to move into the asset class on the back of an investment strategy and structure review earlier this year.
"The rationale behind this was to free investment managers from a benchmark driven mindset, to allow asset managers to populate a portfolio with their best investment ideas, and to hold stocks which they wanted to own as opposed to having to own to manage risk relative to a benchmark index," said Crum.
Hymans Robertson acted as consultants for the tender process.
The current investment strategy of the fund is 70% quoted equity, 5% private equity, 15% global bonds and 10% property.
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