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.
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