UK - The £780m (€1.2bn) Southwark pension fund has appointed Alliance Bernstein and Newton Investment Management as complementary global equity managers. This is part of a major overhaul of the fund's investment structure.

The new managers were awarded a £117m mandate each, which together makes up 30% of the portfolio. The other part of the fund's £430m exposure to equities is still managed by Barclays Global Investors. The contract with Putnam Investments regarding a £77m mandate was terminated, Caroline Watson, the fund's investment manager, told IPE.

The decrease in the fund's equity exposure - down to 55% from 66% - was necessary in order to increase the property portfolio. Watson explained that over the next few years the fund will invest 20% of its portfolio in property, up 8% from the current exposure.

This move was recommended by the fund's investment advisers Hewitt in November 2005. The fund's incumbent property manager Henderson Global Investors was appointed at the same time.