UK – The Welsh County Council of Powys’ 160 million pound (251.5 million euro) pension fund has appointed AllianceBernstein and AXA Rosenberg to jointly manage its global equity portfolio, after Baring Asset Management (BAM) was dropped in January.

Barclays Global Investors (BGI) has been passively managing the mandate, which accounts for around 25% of the total fund, on an interim basis since BAM was dropped. “Performance,” but predominantly “a change in strategy to a more specialist mandate” were reasons cited by John McNeil, county treasurer, for the re-tendering.

BGI also manages the remainder of Powys’ pension fund in fixed income and UK equities alongside Western Asset Management.

The new appointment marks the first UK local authority pension fund mandate for the specialist equity manager, AXA Rosenberg.