UK - Schroder and Invesco Asset Management have lost out following an investment management review by the £720m North Yorkshire Pension Fund.
The fund has moved a £150m mandate from Invesco to Barclays Global Investors, while Schroder’s £300m mandate goes to Henderson Global Investors and Standard Life. The transition date for these funds is expected to be November 1.
The three new managers will be required to attain a performance level of 2% above the fund’s own customised benchmark over rolling three-year periods.
This is the same requirement as for the other principal manager for the fund Baillie Gifford, which was appointed following the last review in 2000.
North Yorkshire reviewed its investment strategy in March 2001 and introduced a customised performance benchmark for its global balanced mandates.
The current overhaul of the fund’s managers has not altered this basic strategy.
In addition to its principal investments, the fund also has mandates with the Third Hermes UK Focus Fund, the Hermes European Focus Fund, Northern Venture and the Yorkshire and Humber Regional Venture Capital Fund. The total value of these funds is around £30m.
The fund manager review process was undertaken by the pension fund committee of North Yorkshire.
The fund’s investment adviser is Philip Williams and its actuary is Mercer Human Resource Consulting.
The Northallerton-based North Yorkshire scheme has around 19,000 active, 6000 deferred and 9500 pensioner members.
PP has compiled a list of what to watch out for over the coming months.
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