UK - The £2.6bn J Sainsbury Pension & Death Benefits Scheme has appointed Aberdeen Property Asset Managers to a £31m property brief.
The fund has allocated 5% or £125m of its portfolio to alternatives and has also appointed managers for private equity and hedge funds.
Geof Pearson, pensions manager of the fund said: “We have appointed two private equity managers and one hedge fund of fund manager.”
He added the allocation to alternatives is expected to go up to 15% in the next few years.
The changes to the asset allocation follow results of a provisional actuarial valuation by Watson Wyatt. Frank Russell are the consultants to the fund.
On the fund’s strong exposure to foreign equities, Pearson explained: “Sainsbury’s has more investments in foreign equities than in domestic equities. The total foreign equity has reached a £1bn, while our total equity stands at £1.8bn. We have invested £800m in bonds.”
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