E1.2bn county council Warwick revamps
UK - The 800 million-pound (1.18 billion-euro) Warwickshire County Council Pension Fund has reshuffled its asset managers in a revamp.
The move has seen State Street Global Advisors, Barclays Global Investors, Threadneedle Asset Management and MFS Investment Management taken on.
The appointments come as the defined benefits scheme has switched from balanced management of funds to a specialist approach. It has also appointed ABM Amro Mellon as global custodian.
Phil Triggs, pension fund manager, said: “After extensive consideration, we have made the decision to change our overall strategy from balanced managed funds to a specialist approach underpinned by passive index trackers.” Triggs was not available for further comment.
In February the council in central England tendered mandates for 150 million pounds in passive investments, 210 million pounds in active UK equities, 200 million pounds in active global equities and 100 million pounds in active bonds.
State Street has been awarded a 105 million-pound active UK equity mandate with the target performance of 1.5%-two per cent.
Triggs said: “We chose State Street because of the strength of their risk-controlled process.”
Barclays Global Investors confirmed it has been awarded a 145 million pounds multi-asset passive mandate. Threadneedle and Boston-based MFS were not available for comment.
According to 'International Pension Funds and their Advisors 2004' the fund was managed by UBS Global Asset Management, Henderson Global Investors and Gartmore Investment Management.
Mercer Human Resource Consulting assisted the fund.