UK - The £1.8bn Essex County Council Pension fund has appointed eight managers to run mandates equivalent to over half the scheme's assets.
The changes – the second part of the council’s move to a specialist manager arrangement – sees Merrill Lynch Investment Management and Baring Asset Management both losing balanced mandates.
The biggest winner has been Legal & General Investment Management, which will now run a £620m passive multi-asset brief, though it has lost a £250m index-tracking UK equities mandate.
Baillie Gifford’s multi-asset mandate has been dropped in exchange for a new global equities brief.
The other mandates wins are:
- APS Asset Management (based in Singapore) £20m Pacific ex-Japan equities.- First State Investments £20m emerging markets equities (this is believed to be one of the few occupational scheme mandates First State has ever won, the manager is better known for its retail funds).- Marathon Asset Management, Investec Asset Management and the fund management arm of the Swiss private bank Mirabeau will all run UK equities mandates worth £35m.- Nomura Asset Management £40m Japanese equities.-Prudential M&G £120m UK active bonds (50% UK sterling non government bonds).
The scheme put the mandates out to tender in April following an asset liability study by Watson Wyatt.
The consultant recommended a move away from balanced to specialist management, leaving the council with just one passive manager on its roster.
An unnamed London-based employer has been hit with a £350,000 fine from The Pensions Regulator (TPR) for failing to fully comply with its pension duties.
XPS Pensions has enhanced its fiduciary management selection service in order to help trustees through initial selection and mandatory re-tendering.
One in five defined benefit (DB) schemes are in The Pension Regulator's (TPR) weakest two categories, analysis by Hymans Robertson has revealed.
State Street Global Advisors (SSGA) has been selected as the first index manager for the Asset Management Exchange's (AMX) passive funds.