UK - The £430m Northumberland County Council Pension Fund has completed its manager reshuffle with three final appointments, leaving Merrill Lynch Investment Management and Schroder Investment Management counting a near £400m loss.
Alliance Bernstein Institutional Investment Management, Henderson Global Investors, and Capital International complete the management roster which sees the termination of previous balanced arrangements held by MLIM and SIM.
Alliance now oversees an active £65m UK equities brief; Capital will manage an active £65m non-UK equities portfolio; and Henderson holds an active £43m fixed-income mandate.
However, both MLIM and SIM retain a share of a near £20m property brief. The amounts are yet to be determined.
Earlier this month, Legal & General Investment Management bagged the lion’s share of the fund, winning a £240m passive global equity mandate with a UK bias.
As part of the restructuring Northumberland also dropped Bank of New York (BoNY) and Schroder Investment Management (SIM) as its custodians, favouring Northern Trust instead.
Watson Wyatt advised the moves.
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