| Two weeks in mandates: North Yorkshire axes Henderson Global Investors |
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| 20.06.2005 | |
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Three local authority pension funds announced changes to their manager line-ups in the last two weeks. The Suffolk County Council pension fund said it had hired Alliance Bernstein Institutional Investment Management for a £115 mandate in UK equities. The £880 North Yorkshire pension fund axed Henderson Global Investors, which was mandated for the management of a £180 global balanced mandate as the scheme moves away from balanced management to specialist management. The scheme hired Crédit Agricole Asset Management and European Credit Management for £100 global bond mandates. Finally, the £250m London Borough of Redbridge pension fund also announced that it would switch from balanced to specialist mandates. Elsewhere in Europe ABP, the €168 Dutch scheme for the civil servants announced that it would complete its line up of funds with a global alpha fixed income fund that is expected to include up to 15 investment mandates. This fixed income fund will come on top of a global alpha fund in equities that has already been activated. BankPension, the Danish financial worker pension scheme, hired Kempen Capital Management NV for a property investment mandate worth €16m. On the sell side, the trade journal Pensions & Investments identified State Street Global Advisors as the largest institutional fund manager in the world with 1.4 trillion in assets under management. J.L. |
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