UK - The Centrica Combined Common Investment Fund - an umbrella for four schemes - has unveiled a raft of specialist managers after a wide-ranging review.
The £2.2bn fund has also appointed Mercer Investment Consulting as investment adviser as part of the reshuffle.
The fund was set up this year to draw together the assets of the £800m Centrica Staff Pension Scheme, the £400m Centrica Engineers Pension Scheme, the £700m AA Staff Pension Scheme and the £300m AA Management Pension Scheme.
Baillie Gifford, Liontrust and Alliance Bernstein have been appointed to manage UK equity mandates worth £258.5m, £123.2m and £255.3m respectively.
Alliance Capital and GMO were hired to run global mandates valued at £133.1m and £132.0m respectively.
JPMorgan Fleming, UBS Global Asset Management, Wellington Management International and First State were chosen for the £116.7m Asian equity, £106.5m European equity, £42.5m US mid-cap and £44m emerging markets briefs respectively.
UBS Global Asset Management was also picked for a £222.8m UK corporate bond mandate. Legal & General Investment Management retained a £530.1m passive equities mandate and a £114.0m index linked bond brief.
Centrica retained a £65.8m allocation to property.
State Street Global Advisers and Fidelity Investments were dropped as part of the reorganisation. But the fund stressed that this was not due to performance issues.
Legal & General acted as transition manager while the Bank of New York retained its position as global custodian.
The fund manages assets on behalf of around 30,000 active, 12,837 deferred and 6000 pensioner members.
The trustee body overseeing the investment fund includes Centrica director of tax, treasury and risk management John Clark as chairman, four directors appointed by each of the underlying schemes and NAPF strategic corporate governance adviser Geoff Lindley as an independent director.
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