£1.1bn Dyfed fund renews custody mandate

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  • £1.1bn Dyfed fund renews custody mandate

UK - The £1.1bn Dyfed pension fund, administered by the Welsh Carmarthenshire County Council, has renewed its custody contract with HSBC Security Services.

Anthony Parnell, treasury and pension investments manager, confirmed today HSBC has been appointed for a further two years until 31st March 2010.

No further changes are currently scheduled, since the fund is in the middle of an investment review, which is to be concluded in October this year, said Parnell.

The fund's current target distribution of assets as per its Statement of Investment Principles shows the fund has a target of between 37.5% and 40.5% for UK equities, between 28.5% and 31.5% for overseas equities, between 1% and 11% in UK fixed-interest gilts, between 10% and 20% index-linked gilts, between 4% and 14% UK corporate bonds, and between 0% and 10% in cash.

An actuarial valuation of the Dyfed pension fund conducted by Mercer in March last year shows a deficit of £95.7m. The fund had a funding level of 92%.

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