UK - CB Hillier Parker has won an estimated £300m property mandate from the Unilever's £4.3bn pension scheme.
Unilever has dropped LaSalle Investment Management and its own in-house property team in favour of CB Hillier, following a review of its investment arrangements.
Head of pensions Chris Lewin said that the scheme is in the process of transferring all of its property assets to CB Hillier and currently allocates around 8% to the asset class.
Lewin also said that Unilever will retain its approximate 74% weighting in equities. The scheme ran its investment review alongside a triennial valuation, which found that plummeting markets had seen its £170m surplus fall by £35m during the six months to September 30.
Lewin said: “One has to be cautious about this. We are no more immune than anybody else from the substantial falls in equities that have taken place.
“But we’re not concerned, because we have a strong company which is standing behind the fund.”
The scheme’s actuaries, Hewitt Bacon & Woodrow, found at the end of September, the scheme is 103% funded on an actuarial basis and recommended that the scheme carry out an interim valuation at the end of next September.
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