Cambridgeshire awards global equity mandate
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 IPE.com: 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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