UK - The £980m Environment Agency Pension Funds is looking for sevenspecialist managers to replace its current balanced management structure.
The committee in charge of the scheme launched an investment review last year following three years of poor returns.
- £380m multi-asset passive brief.- £160m active UK equities mandate.- £130m active bond mandate.- Two active global equity portfolios worth £65m each.- £70m active equity brief focusing on environmental investments.- £50m property brief.- £50m private equity portfolio.
The EA, which was advised on its new strategy by Watson Wyatt, Claros Consulting and Osbourne Clarke, was unavailable to confirm how the remaining £10m would be allocated.
The scheme’s current managers are Legal & General Investment Management (passive multi-asset balanced, 36% of scheme); Henderson Global Investors (active multi-asset balanced, 30.5%); Merrill Lynch Investment Management (active multi-asset balanced, 30.3%) and State Street Global Advisers (passive UK equity, 2.5%).