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North Yorks completes €1.3bn portfolio revamp

UK – The £880m (€1.3bn) North Yorkshire Pension Fund has completed the restructuring of its portfolio which has seen it shift to specialist managers from balanced.

Earlier this year IPE reported that the fund had dismissed Henderson Global Investors from a balanced mandate worth 22% of the fund following a “comprehensive review of the investment strategy”.

Henderson was the only casualty among the four current managers, Baillie Gifford, in charge of 25%, Barclays Global Investors (23%) and Standard Life (23%) and Hermes Pensions Management (4%) and small boutiques.

JP Morgan said in a statement today that it has now completed the asset restructuring.

"JP Morgan offers a compelling proposition that provided us with confidence that it could successfully manage the complex restructure of our investments,” Neil Sellstrom, technical accountant at the fund, was quoted as saying in a release from the bank.

“The transition was successfully delivered within JP Morgan's pre-trade estimate and project timetable."

"We are delighted that the trustees of the North Yorkshire Pension Fund selected JP Morgan to manage this transition,” added John Minderides, head of JP Morgan’s transition management in Europe.

He said: “We have seen considerable growth in our European business over the past 12 months, particularly within the UK pension sector.”

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