Gartmore loses out as Torfaen names managers
UK – Torfaen County Council in Wales has appointed managers for four mandates totalling 590 million pounds (869.7 million euros) for its Greater Gwent Pension Fund, resulting in a loss of a UK equity mandate for Gartmore.
The 730 million pound pension fund put out to tender over half of fund last August in a shift to active management following a review.
Barclays Global Investors managed 60% of the fund and Gartmore was responsible for the remaining 40% in active UK equities. Despite re-tendering, Gartmore has now been replaced by Threadneedle Asset Management which will run a 260 million pound UK equity mandate.
Baring Asset Management has been appointed to run an active mandate for a combined Japan, Pacific Rim and Emerging Markets pooled vehicle of around 50 million pounds.
Barclays Global Investors have been appointed to run a 100 million pound active bond mandate, and an 80 million pound active European equity mandate. BGI will continue to manage those funds not switched to an active portfolio.