Lloyd’s registers with diversification move
The £600m (e895m) UK Lloyd’s Register of Shipping Superannuation Fund Association has halved its asset allocation to UK fund manager Mercury Asset Management, in a reshuffle to diversify away from a single active manager.
The fund appointed Swiss company Pictet to manage a £120m overseas equities brief and Legal & General for passive UK index, UK and overseas equities and UK fixed-interest mandates. Mercury retains a 45–50% portion in UK equities, UK fixed-interest and index linked securities and overseas bonds.
A spokesperson for the fund comments: “The trustees decided they required greater flexibility for the scheme’s investments and wished to have greater safeguards for their investments in the future, which they did not feel one single manager could guarantee.” Watson Wyatt advised on the tender.