UK - The £317m London Borough of Hammersmith & Fulham Superannuation Fund may review its existing asset allocation later this year following mounting concern around the state of the stock markets.
The fund is already overweight in equities with 62.2% committed to the UK, and 17.2% in overseas stocks. The incumbent equity managers are Goldman Sachs Asset Management and Legal & General Investment Management, which hold active and passive briefs respectively.
According to a source close to the fund, manager Goldman Sachs’ returns have not been able to outperform the equity market.
But despite a spate of pension funds lifting their bond exposure, Hammersmith & Fulham said it has decided to wait until September before taking a firm decision.
The last time the fund reviewed its investment arrangements was in November 1999, when it dumped Phillips & Drew and Gartmore for “poor performance”, added the source. Legal & General was retained.
The fund is advised by Bacon & Woodrow and PIRC.
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