UK - The £3.2bn (US$4.4bn) Tyne & Wear Pension Fund has terminated a circa £300m active UK equity brief held by Fidelity Investments, head of pensions Stephen Moore confirmed to MandateWire.
Although the fund is discussing appointing a new global equity manager and diversifying the range of alternative asset classes it invests in, Moore confirmed there would be no imminent changes to the current investment strategy, "there is a bit of a feeling that equities have got to be getting into undervalued territory so it's the wrong time to lighten the equity weighting and we don't want to sell quality assets such as bonds into uncertain markets so we will stay patient," he said.
"What might happen is, a few months down the line we might put the prior information notice out just so we're in a position to go ahead, but that wouldn't necessarily mean that we're flying ahead with it after that," he concluded.
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