P-Solve retained as Hammersmith & Fulham adviser
UK - The London Borough of Hammersmith & Fulham Superannuation Fund has rehired P-Solve as investment consultant, following a tender process in which four other companies were invited to participate.
The council says P-Solve submitted the most economically advantageous tender so its new contract, which started on 1 August, is due to run until 31 July 2013.
The pension fund, which was worth £438.5m (€m) at 30 June 2009, has a portfolio split in four equal parts. The UK equities element is managed by Majedie, while overseas equities are handled by MFS, dynamic asset allocation is split between Barings (18.75%) and Ruffer (6.25%) and the liability matching fund is split 12.5% each between Goldman Sachs and Legal & General.
The fund's overall return was -0.65% over the 12 months to 30 June 2009 but the fund measures the performance of its investment strategy against the estimated growth in the value of its liabilities, which had a return objective of 0.81% in the 12 months to 30 June 2009.