UK - The £162m Powys County Council Pension Scheme has reappointed Baring Asset Management and Lombard Odier International Portfolio Management following a review.
This is despite the scheme saying that both mangers had suffered disappointing performances. The UK equity mandate with Baring Asset Management and the foreign equity mandate with Lombard Odier are worth £23m each.
Powys County Council assistant county treasurer John McNeil said: “We have no plans to change our mandates, despite poor returns this year from Barings compared to returns last year. Lombard Odier have had two running years of not returning as well as expected, but it has a three year rolling target – so we do not plan to make any changes at present.”
Baring Asset Management reshuffled the top of its investment team earlier this month after UK equities investment manager Lucy Macdonald left after 16 years to join Dresdner RCM Global Investors. Last month head of UK equity specialist investment team Richard Buxton left to join Schroder Investment Management.
Baring Asset Management UK marketing manager James Rainbow said: “The two investment fund managers left for entirely different reasons. Macdonald left to join the global equities desk at Dresdner RCM for a change, whereas Richard Buxton will be continuing to work in equities.”Head of UK and European investment Jan Mantell was introduced to the team in early July and will be working in both UK and European equities.
Rainbow added: “We are disappointed to lose part of our investment team but have a strong investment team and process in place.”
By Shifa Rahman
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