UK - The £1.1bn Greater Gwent Pension Fund has appointed three new UK equities briefs together worth £350m, replacing outgoing manager Threadneedle Investments.
Lazard Asset Management were awarded £200m, £100m went to State Street Global Advisors, and £50m to Standard Life Investments.
The Threadneedle brief was originally worth £320m; the increase to £350m merely reflects market value movements.
Graeme Russell, head of employee services, said the fund had examined its overall UK equities and decided to add more value
This led to a modification of the UK equities allocation, reducing the exposure slightly from 38% of the fund to 32%.
“We felt we could improve performance elsewhere,” said Russell.
Those funds were re-directed into the overseas equity portfolios, to incumbent managers BGI, who run the US and Europe equities, and Barings Asset Management, who run the Far East equities.
Last October Global Pensions reported that the pension fund had tendered the mandates, citing performance-related issues with Threadneedle.
At the time, asked if the fund had been happy with Threadneedle’s performance, Russell replied: “If we were totally happy with their performance, we would not to do anything with the mandate.”
Threadneedle have declined to comment.
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