Schroders and Invesco lose e720m from Yorkshire
UK- The e1.1bn North Yorkshire pension fund has replaced Invesco Asset Management with Barclays Global Investors on a £150m (e240m) global balanced mandate following a review of the fund manager line up.
Schroder Investment Management has also been dropped from a similar £300m (e480m) mandate which has been split and allocated to two new managers Henderson global Investors and Standard Life Investments.
The scheme has also placed a total of £30m with four venture capital funds.
North Yorkshire’s treasurer John Moore and the fund’s investment advisor Philip Williams were responsible for the manager review.
The three new managers are expected to produce 2% above the fund’s own customised benchmark over a three year rolling period.
North Yorkshire reviewed its investment strategy at the beginning of last year, a move that led it to introduce a customised benchmark for the global balanced mandates.
Baillie Gifford, which was appointed as the fund’s other manager following the last review in 2000, is subject to the same performance target.
BGI, Henderson and Standard Life are expected to take over the assets at the beginning of next month.
Stephen Acheson, head of UK institutional business at Standard Life Investments, said of the appointment: “we are determined to grow our third party funds under management and a key part of that is winning the trust and confidence of local authority pension funds.”