UK – The 502 million-pound (731 million-euro) Cardiff & Vale of Glamorgan pension fund has appointed State Street Global Advisors to manage an active equity mandate.

SSGA will run a 46.4 million-pound (67.6 million-euro) European ex-UK active equity mandate for the fund. Previously the mandate was run by Merrill Lynch Investment Managers,

State Street already manages a passive UK equity portfolio for Cardiff, in the region of 65 million pounds (95 million euros).

The fund has also tendered a global bond mandate, currently managed by J P Morgan Fleming Asset Management. The winner of the tender will be confirmed shortly, said John Birkin, the fund’s investment officer.

Birkin said that the two mandates had been put out to tender as part of the scheme’s due diligence requirements, as the present managers had been in the role for some time.

State Street Global Advisors manages 965 billion dollars (841 billion euros) worldwide.

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