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Northumberland taps two for global equity

UK - The £614m (€859m) Northumberland county council pension fund has appointed Alliance Bernstein and Prudential M&G Investment Management with a £95m active global equities mandate.

The council said in the office contract award notice: "The contract will involve managing a portfolio of global equities with an objective of outperforming the MSCI All World Index by 1.5% per annum net of fees over rolling three year periods."

It added: "The assets are valued at approximately £40m-£95m. The anticipated value of the contract will be approximately £200,000-£475,000."

The two asset managers were appointed last month, according to the notice, following assistance from the fund's investment adviser, Watson Wyatt.

Earlier this year, the pension fund tendered a £40m - £80m active overseas equity mandate.

The incumbent manager on the mandate was Capital International, which had underperformed on the mandate, according to the council.

If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email carolyn.bandel@ipe.com

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