North Yorkshire drops Invesco from €268m mandate

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UK – The £730m (€1,152m) North Yorkshire Council pension plan is looking for managers for a £170m (€268m) balanced mandate. A spokesman for North Yorkshire says the mandate, currently managed by Invesco, is under review since the fund’s investment committee is not “entirely satisfied” with Invesco’s performance.

“Reviewing our investment strategy is a continuous process. The investment committee felt it was prudent to put the Invesco mandate out for re-tender. There are no plans to change other areas of the fund at the moment,” the spokesman comments.

A spokeswoman for Invesco said she couldn’t comment on the review of its relationship with the pension fund at this point.

Philip Williams, an independent investment advisor, is North Yorkshire’s consultant and is taking care of the review. The spokesman says Williams plans to invite some 20 or so UK-based investment managers to tender for the fund next month with a view to drawing up a shortlist of four or five by September.

The Invesco mandate is one of three main portfolios that make up the bulk of the scheme’s assets. All three are balanced, with a 75% UK and global equity weighting, a 23% UK and global fixed income portion and 2% cash.

Other than Invesco, Schroders takes care of a £340m mandate, the largest of the three, whilst Baillie Gifford runs a £190m portfolio. The spokesman says the remainder of the fund’s assets is held in reserve and invested in small alternative investment portfolios such as venture capital.

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