Prudential M&G, GSAM win UK absolute return bond brief (amended)

UK - Norfolk County Council Pension Fund has awarded contracts to Prudential M&G and Goldman Sachs Asset Management (GSAM) to run active absolute return bond portfolios.

Prudential was awarded just under £90m (€104.5m) while GSAM is to mange just under £45m. The managers have been given an approximate outperformance objective of up to 3% p.a. net of fees, benchmarked against 3 Month Sterling LIBOR.

The pension fund has around £1.8bn-worth of assets according to the latest available figures in International Pension Funds and their Advisors. These are invested roughly 27% in domestic equities, 40% in overseas equities, 18% in a range of fixed interest stocks and 15% in domestic real estate.

Other fixed income managers running mandates for the fund include Aberdeen Asset Managers and Henderson Global Investors. Staff at Norfolk County Council were unavailable for comment before deadline.

Have your say

You must sign in to make a comment


Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2474

    Asset class: All/Large Cap Equities.
    Asset region: Global Developed Markets.
    Size: $150m.
    Closing date: 2018-09-25.

Begin Your Search Here