UK - The Environment Agency has reviewed the investment management arrangements of part of its active pension fund and has appointed Henderson Global Investors to manage approximately £330m.
The brief represents around 30% of the fund, on a segregated multi-asset balanced basis.
Existing manager Merrill Lynch Investment Managers has been awarded a further £100m, which also brings its mandate to around 30% of the total fund.
No changes have been made to the mandates held by the other managers, Legal & General and Friends Ivory & Sime.
Transition management was conducted by Credit Suisse First Boston and the transition performance was measured by Inalytics.
Susan Timbrell, the Environment Agency’s head of pensions and treasury management, commented: “We were pleased with Merrill Lynch Investment Managers’ recent past performance for our fund and decided to increase their mandate.
“In the case of Henderson, we were impressed with their investment process. The transition needed to be independently measured to inform committee members of the costs of change.”
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