UK - The £1.4bn (€1.8bn) pension fund of UK local authority Cambridgeshire county council has tapped RCM to manage a £140m global equity mandate.

RCM, a global equity company within Allianz Global Investors, a said today its appointment followed a manager selection exercise conducted by investment consultant Hymans Robertson.

The mandate is to be managed in accordance with RCM's Global High Alpha strategy, targeting out-performance of MSCI World Index +3-4%.

The appointment follows the fund's first foray into passively-managed funds last month with the appointment of State Street Global Advisors (SSgA) for a £140m passive equity mandate -awarded to replace a mandate previously held by UBS.

John Hopwood, chief investment officer of the fund, told IPE at the time the fund has had a review of its investment arrangements, as part of which the fund ended its agreement with UBS and Schroders for underperformance. (See earlier story Cambridgeshire goes passive)

In January, the fund issued a tender notice revealing it was restructuring £700m in equity holdings and was looking for three asset managers to look after global equity, UK equity index and European equity mandates.

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