UK - The £700m London Borough of Southwark Pension Fund has awarded global equity mandates to Alliance Bernstein and Newton Investment Management.
Newton was awarded a £50m mandate, whilst Alliance Bernstein received £150m to be split equally between the asset manager's growth and value funds.
A spokesperson for the pension fund claimed the awards were part of a change of strategy which has seen the fund go totally global in its approach. Some 50% of the fund's portfolio is passively invested.
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