UK - The £660m Warwickshire County Council Pension Fund has appointed four new managers to run the fund's assets.
The fund has hired Barclays Global Investors to run a £145m passively managed multi-asset mandate and MFS Investment Management to manage a £100m global equities brief.
State Street Global Advisors has been appointed to run a £105m UK equities mandate and Threadneedle Investments will manage a £105m UK equities mandate.
UBS Global Asset Management has been retained to run £100m global equities mandate and a £105m fined income mandate. The manager previously held a £330m balanced mandate.
The overhaul follows a review of investment strategy and a decision to move away from balanced fund managers. As a result, one current external manager, Henderson Global Investors is no longer included in the external roster of managers. Henderson held a £330m balanced mandate.
Phil Triggs, treasury and investment manager said: “We have made the changes entirely because of this different approach. There is no criticism or complaint about the performance of the previous managers or the strength of our relationship with them.”
Mercer Investment Consulting advised the pension fund.
The fund recently appointed ABN AMRO Mellon as its global custodian.
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