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.”
By Janet Du Chenne
Hyperbolic discounting and political temptation: Why Brexit-fuelled AE reversal would be a 'monumental' mistake
The home secretary has suggested AE should be scrapped in the event of a no-deal Brexit. Darren Philp explains why this would be misguided
The trustees of the Kodak Pension Plan No.2 (KPP2) have said it will likely enter the Pension Protection Fund (PPF) in "due course" after reviewing the scheme's investment in Kodak Alaris.
A US company has completed a £285m pensioner bulk annuity for around 1,100 of UK members with Legal & General (L&G).
Former BHS chief Dominic Chappell has been accused of trying to rewrite history as he seeks to overturn a conviction for failing to hand over information to the regulator.