Greenwich hires managers for new multi-asset, EM equity strategies

Related Asset Managers

Related Categories

Greenwich’s local authority fund has awarded £200m (€230m) worth of mandates, as it completes the implementation of a new asset allocation.

The local government pension scheme for the London borough of Greenwich has selected a manager for a £100m multi-asset absolute return mandate, and a second £100m emerging market equity mandate.

The 10-year multi-asset mandate has been awarded to Invesco Perpetual, with the manager beating nine other applicants to the award. Greenwich said it was looking for a manager to outperform the three-month sterling LIBOR rate by a significant margin, defined as 3-5%.

Fidelity beat a similar number of managers to the 10-year contract for the global emerging market equity mandate. The manager will be expected to outperform the MSCI EM index by 2-4%, placing the funds invested into an existing pooled vehicle.

Previously drawing its equity exposure from a UK equity and a general overseas exposure accounting for 45% of assets, the local government pension fund instead agreed to allocate 15% to UK equities and a further 35% to overseas equities.

Greenwich’s revised strategic asset allocation
Greenwich strategic allocation 
Asset ClassTarget
UK equities 5% cap weighted15%
Overseas Equities35%
 Global equity passive15%
 Smart beta10%
 Emerging markets active10%
 Multi-asset credit10%
 UK Aggregate Bond Fund10%
Multi-asset strategy10%
Diversified alternatives10%

The overseas exposure includes the 10% target allocation to emerging market equity but also a 15% passively managed global equity mandate and a 10% exposure to smart beta strategies.

The two awards comes after BlackRock was hired for a £400m passive global equity mandate, and Partners Group put in charge of a £100m diversified alternatives mandate – part of £700m worth of new mandates handed out by Greenwich.

Have your say

You must sign in to make a comment


Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • DS-2382

    Closing date: 2017-12-14.

  • QN-2383

    Asset class: Residential Property.
    Asset region: Ireland.
    Size: EUR 10m.
    Closing date: 2017-12-18.

  • QN-2384

    Asset class: Equities Switzerland (Large Caps).
    Asset region: Switzerland.
    Size: CHF 550 – 600 mn.
    Closing date: 2017-12-15.

  • QN-2385

    Asset class: Liability Driven Investment.
    Asset region: Europe.
    Size: Size: EUR 1 Billion, Liability size: EUR 3 Billion.
    Closing date: 2018-01-08.

  • QN-2386

    Asset class: Fixed income.
    Asset region: Global developed markets.
    Size: CHF 500 -1000m.
    Closing date: 2018-01-15.

  • DS-2392

    Closing date: 2017-12-21.

  • QN-2393

    Asset class: All/Large Cap Equities.
    Asset region: Europe.
    Size: EUR 200m.
    Closing date: 2017-12-21.

  • QN-2394

    Asset class: Real Estate Industrial.
    Asset region: Europe.
    Size: EUR 10m.
    Closing date: 2018-01-04.

Begin Your Search Here