UK - The North Yorkshire Pension Fund has appointed UBS Asset Management to manage its new £49m global tactical asset allocation mandate.
“This is the final piece in the jigsaw,” said pension fund principal accountant Neil Sellstrom.
In September 2006, the £1.1bn fund reshuffled its investment strategy, abandoning its balanced portfolio in favour of appointing specialist managers.
Sellstrom said the appointment of the GTAA manager was the last step the fund had been waiting to take. He added no great moves would be seen within the fund for while.
The GTAA mandate was created to add value to the fund through asset allocation decisions.
Council finance and central services corporate director John Moore said: “While the mandate represents around 4% of the pension scheme’s assets, it’s an important strategic move for us to capture some extra returns from asset allocation.”
The decision to appoint UBS was based on the fact that the pension fund wanted a manager with financial strength, a high quality and consistent investment process and good investment risk controls.
“We considered three managers and, while it was a close decision, we were swayed by how clearly UBS explained their product and by their obvious enthusiasm to win our business,” Moore said.
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