Schroders replaces Invesco on e50m Asian fund

UK- Cardiff County Council’s e890m pension scheme has replaced Invesco by Schroders Investment Management as manager for its Asian equity portfolio.

Originally Invesco managed two funds for the local authority – a Japanese equity funds and an Asian equity fund together totalling almost e50m. The funds have now been merged to form one Asian equity portfolio which the Welsh fund has handed to Schroders.

Cardiff Council was unavailable to comment on why Invesco would not be continuing as its Asian equity manager.

The pension fund invests around 17% in UK equities and around 21% in overseas equities. The remaining 62% is invested in fixed income, cash and unit trusts.

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