UK - Investment managers at the London Pensions Fund Authority (LPFA) are satisfied with the current strategies deployed, according to the organisation's annual report.
The fund returned almost £150m in the year ending 31 March 2007 following the implementation of a new investment approach created from the 2004 triennial report.
Philip Jones, investment manager at the LPFA, clarified that the new strategy had meant tripling the amount of external asset managers so that only the 15% of its portfolio allocated to alternative investments was now managed in-house.
Looking ahead to the future, Jones told Global Pensions: “We are not going to make major changes to investments until the results of the next report, due between November and February.”
Jones added: “Of course we are constantly monitoring the performance of managers, have good relations with them and adjust investments where necessary.”
Neil Newton, LPFA chairman, added: "We are also using our considerable influence to force the pace of change in the area of socially responsible investments and will introduce pioneering changes in the next 12 months."
The fund’s expenditure on investment managers has tripled in the year to 31 March 2007 from £4.8m to £11.6m.
The LPFA fund was valued at £3.6bn at 31 March 2007 and the triennial reports were carried out by Hymans Robertson.
All quoted figures are subject to audit.
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