UK -The £1.5bn (US$2.9bn) Durham County Council pension fund has today announced a radical shake-up of its asset allocations, with six new mandates going live across a range of asset classes, designed to increase returns and reduce contribution rates.
Brian Walker, chairman of the pension fund committee and Durham county councillor, said: "The committee expects to see improved returns by the award of these challenging mandates, with the aim of ultimately reducing employer contributions."
The new allocations are: £260m investment grade bonds, managed by Royal London Asset Management; £270m UK Equities, managed by BlackRock; £100m dynamic asset allocation, managed by Barings Asset Management; £100m global property mandate, targeting a 5% annual return above the UK retail price index, net of fees, overseen by CB Richard Ellis; £210m of global bonds, managed by Alliance Bernstein; and £375m global equities mandate, managed by Edinburgh partners.
The new mandates were re-allocated by transition managers JPMorgan.
When approached for further comment, a spokesperson for Durham County Council said the fund was not authorised to talk to the press.
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