UK - GE Life, part of US group part GE Financial, has awarded the £850m equity element of its GE Pensions With Profits fund to State Street Global Advisors (SSgA).
SSgA, which was already utilised by GE to manage its passive equity holdings, will now manage approximately 90% of the global equity portfolio on an active basis and the rest on an index-tracking basis. Previously, JP Morgan Fleming Asset Management and Goldman Sachs Asset Management ran the UK and US, and Europe and the Far East components respectively. Schroders managed Japanese equities.
All other assets in the £2bn closed fund are managed by GE Insurance Holdings, which is responsible for the management of all GE Pensions non-equity portfolios. Asset allocation decisions remain the responsibility of GE Pensions.
Gavin Hill, chief investment officer at GE Insurance Holdings, said: SSgA has impressed us with its grasp of process, performance attribution and its overall management controls, which we believe will benefit policyholders.
“The portfolio benchmarks are unchanged as are the overall performance and risk targets. Formal reviews will be carried out each quarter with monitoring of the performance of the portfolios taking place on a monthly basis.
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