EUROPE – The DKK53bn (€7.1bn) Lærernes Pension, the industry-wide fund for Danish teachers, has appointed Parametric to a $200m (€151m) emerging market equity mandate.
Morten Roed Eriksen, portfolio manager at the scheme, said the Eaton Vance subsidiary was appointed as it used systemic rebalancing to capture any gains.
He also noted that its dual exposure to both emerging and frontier markets played a role in the fund's decision to select the manager.
CIO Morten Malle cited the fact the company's investment approach did not rely on fundamental analysis and said it was one of the reasons Parametric was appointed.
The company said it would work with Sustainalytics to monitor its frontier fixed income investments to guarantee they complied with Lærernes' responsible investment guidelines.
In other news, the lead authority for Clwyd Pension Fund, Flintshire County Council in Wales, has tendered for a provider to execute the £1.1bn (€1.3bn) local authority fund's proposed de-risking strategy.
According to the tender, the fund would like to implement either a flight path or road map strategy, with select triggers in place that would allow it to achieve full funding.
As of its 2010 actuarial valuation – the most recent triennial valuation conducted – the scheme's funding stood at 72%, with a £376m shortfall.
Flintshire said it would only appoint one manager to oversee the progress, and allow as much as 15% of scheme assets to be used for various risk management and hedging strategies to achieve full funding.
As of its most recent funding proposal, implemented following the 2010 valuation, the fund hoped to solve its deficit over a 14-year period, although it said at the time this timeframe would be extended as far as 2030.
Interested parties have until 11 February to submit proposals, with a decision being expected at the beginning of July.
Finally, the £1.1bn Cornwall County Council local authority fund has selected Invesco Asset Management to oversee a diversified growth portfolio first tendered in August last year.
The tender initially said that up to two managers would be appointed to the diversified growth mandate, worth £50m initially, but growing to £140m over time.
However, according to the award notice, Invesco beat 22 other providers to be awarded the full £140m mandate.
According to the most recent annual report, Invesco did not hold any other mandates from Cornwall as of the end of March.