UK - The £3bn South Tyneside Council pension fund has invested £40m into pooled funds of Barclays Global Investors (BGI) and Record Currency Management.
After “several” months of looking, the fund made the decision to invest two sums of £20m each into the companies, said South Tyneside Council head of pensions Stephen Moore. “There was scope within the fund to get some active management of currencies in, with the aim of enhancing returns.
“It has taken us quite a while to sort this one out, as they are quite a complex product to evaluate.”
The tendering process began in March this year, and the investment was concluded in the last couple of weeks, he added.
This week's edition of Professional Pensions is out now.
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