UK - JPMorgan, Merrill Lynch Investment Managers (MLIM) and Schroder Investment Management have all benefited from the £630m Shropshire County Council pension fund's decision to allocate more to overseas equities.
The three managers will take an equal share of the £37m reallocated from UK equities on a like-for-like basis from the portfolios of Deutsche Asset Management and Gartmore Investment Management.
Following on from its March 2001 valuation and a resulting asset liability study, the fund decided to reduce its exposure to UK equities, in favour of overseas equities, from 46% to 40%.
JPMorgan runs US equities, MLIM European equities and Schroders Far East equities. A spokesman for the scheme stressed the move was not performance related.
Shropshire has also tendered a £30m emerging markets equity brief and a £20m private equity brief. The deadlines for both are April 5 with appointments expected in the summer.
Frank Russell advises the scheme.
By Luke Clancy
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