UK - One of the UK's largest pension funds has rejected shifting its investment strategy and assuming short-term tactical investment positions in light of continued uncertainty around Greece's membership in the euro-zone.

Speaking to IPE.com, Jacqueline Gillies of the £11.1bn (€13bn) Strathclyde local authority scheme, noted that the fund was not directly exposed to Greek debt - that concerns regarding a default by the country stemmed from its wider impact and from Strathclyde's "indirect exposure to events in the euro-zone".

Discussing its investment options, the chief pensions officer said: "Our fund is entirely managed by external investment managers, and they have discretion to position the portfolio according to their own views and analysis."

According to Strathclyde's most recent annual report, PIMCO and Threadneedle both manage absolute return bond mandates for the scheme, accounting for 4.3% and 2% of assets, respectively.

Legal & General Investment Management oversaw a multi-asset mandate worth more than a third of all assets.

Overall, it invested 12.8% in fixed income at the end of March, below the previous year and well below its 15% benchmark.

Gillies told IPE: "While we are obviously engaging with our managers on the likely impact of events, overall, our focus remains on our long-term strategy, and we will not attempt to time the market by taking short-term tactical positions."

Her comments echo those of Dutch pension fund PFZW. The €105bn healthcare scheme recently said it was less concerned about a Greek default than about how it would impact the overall market.

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