UK - The £375m Dumfries & Galloway local authority pension fund has awarded passive equities mandates together worth £240m, previously managed by Deutsche Asset Management, to State Street Global Advisors (SSgA) and Legal & General.
The appointments were made on the back of an interim review prompted by the fund’s decision to revise its single balanced manager mandate held by Deutsche Asset Management, now Aberdeen Asset Management.
Operations manager (accountancy) Paul Garrett said the interim review was a pre-cursor to a full review of the fund’s investment strategy, which has just been launched.
“We did the interim review because of concerns all our assets were with one manager,” said Garrett. “We felt as though we were out on a limb a bit, there weren’t many funds left that were managed by a single balanced manager.”
The interim review awarded SSgA and L&G passive equities mandates worth £120m, amounting to 65% of fund in total.
Aberdeen (formerly Deutsche AM) retained its bond mandate worth £110m, approximately 30% of the fund, and a £20m property brief managed through RREEF UK Limited.
Both the interim review and the current investment strategy review have been overseen by Hymans Robertson.
Aberdeen declined to comment.
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