The £20bn Electricity Supply Pension Scheme (ESPS), the occupational scheme for UK electricity companies, has completed its portfolio reorganisation with the transfer of assets totalling £2.1bn to new management.
The transition was managed by Merrill Lynch Investment Management.
Eight of the 26 groups for participating employers within the ESPS extended the use of segregated portfolios.
The latest reorganisation is as follows:
* F&C Management (formerly Foreign & Colonial) has seven portfolios amounting to £1,174m* Barclays Global Investors has two portfolios amounting to £425m* Deutsche Asset Management has two portfolios amounting to £263m* Capital International has one portfolio worth £99m* Legal & General Investment Managers has two portfolios amounting to £92m* Nomura Asset Management has one £55m portfolio * Wellington Management International has one portfolio worth £29m
Richard Barlow, chief executive of ESPS, said that until 1997 almost all ESPS’ assets were managed in house, in a central unitised fund. “The segregation facility introduced that year gives the trustees of participating groups within the ESPS the opportunity to appoint managers of their own choice, and has worked extremely well,” he said.
“Restructuring arising from the introduction of segregation has now been completed, and our unitised investment management option remains available for property, forestry, cash and index-linked gilts, and also offers two balanced funds.”
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