UK - The £700m Cambridgeshire County Council Pension Fund has awarded a £85m property mandate to Schroder Investment Management.
Schroders was awarded the property fund of funds mandate after Cambridgeshire’s investment committee decided to raise its strategic commitment to property from 6% to 10% of the total pension fund.
The firm already manages a £340m balanced mandate for the scheme, and to help fund the property fund of funds brief, Cambridgeshire is reducing it by £25m. No other details about the scheme’s revised asset allocation were available.
The scheme has set Schroders a target of outperforming the HSBC/Investment Property Databank pooled property fund indices by 0.75% per annum, over a three-year period. The firm’s Schroder Exempt Property Unit Trust will form part of the portfolio.
Schroders head of property fund of funds Jenny Buck said:
“Cambridgeshire County Council’s decision reflects a wider appreciation of the valuable diversification role property investment plays in a portfolio and we are delighted to manage this mandate.”
The scheme’s other fund managers include Deutsche Asset Management, which runs a multi-asset brief, and UBS, which manages a global equities brief. It has also invested in two private equity funds which are run by Adams Street Partners and HarbourVest Partners.
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