UK - The £3.8bn (€5.5bn) Merseyside Pension Fund has appointed JP Morgan Asset Management for its newly created £100m European (ex-UK) equities mandate.
"We are delighted to have been appointed by Merseyside," said Peter Cazalet, head of UK institutional business development at JP Morgan.

Following a triennial actuarial valuation, the scheme changed its strategic benchmark and reduced UK equity exposure from 36% to 31%.

This mandate was formerly a pan-European brief managed by Wellington Management Company since 2003.

On launching the tender in March of this year the pension fund set the investment objective was index +1% or +2%. Nobody at the Liverpool council was available to comment on the decision.
The scheme has close to 50,000 active members, almost 37,000 pensioners and 18,600 deferred members.

The fund was advised by Bfinance and was looking to shortlist between four and six European equity managers before a final selection was made.