UK - The £1.5bn Staffordshire County Council pension fund has awarded five mandates to a series of investment managers for its specialist UK equity and global equity portfolios following a recent investment review.
Staffordshire County Council principal accountant Reg Smith said the fund had granted one £150m global equity mandate and two £200m UK equity briefs, including a segregated specialist portfolio which has gone to Standard Life Investments.
The sweeping changes will also see Goldman Sachs Asset Management takeover the other £200m UK Active Equity Mandate, while Alliance Bernstein Institutional Investment has been awarded the Global Active Equity Mandate, with an estimated value of £150m.
Additionally, the county council has made more changes by awarding AXA Rosenberg with a £66m Europe (ex-UK) Active Equity Mandate, and State Street Global Advisors with a £339m Global (UK, Europe, US) Passive Equity Mandate.
A spokeswoman for the council said: “The two global appointments are for entirely new mandates, whilst the other appointments have resulted from a reorganisation of the current investment arrangements across the other investment areas.
“Staffordshire is looking forward to working with the new managers under the new structure to achieve the required future performance of the Fund.”
Deutsche Asset Management, Jupiter Asset Management, Baring Asset Management and Putnam Investments, the fund's incumbent managers for the UK, Europe and US equity mandates were unsuccessful in their bids to retain their contracts with the pension fund.
Commenting on the newly awarded mandate, George Walker (pictured), head of UK institutional business at Standard Life Investments, said: “To date, this is the largest local authority mandate we have won and reflects the growing confidence investors have in the robust investment process Standard Life Investments has in place to deliver strong out-performance across a variety of asset classes.
“This latest mandate means that we now run almost £2bn for local authorities in a variety of different mandates.”
Jonathan Cobb, investment director, UK Equities will be responsible for managing Standard Life’s UK equity portfolio.
Earlier this year, Standard Life also won a number of other local authority mandates including a £175m contract with Somerset County Council and a £150m mandate with Leicestershire County Council.
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