New Investment Structure in Place
A major review of the Fund’s investment strategy and structure has been carried out over the last 12 months. The process was completed during April with a major re-structuring of the Fund’s portfolios. Four new investment managers who had all been appointed in December had their portfolios funded. AllianceBernstein, Invesco and Lazard are each now managing around £400 million in unconstrained global equities for the Fund. Edinburgh Partners are managing around £225million. The Schroder portfolio was terminated. Lehman Brothers, who were appointed in January as the Fund’s Transition Manager, carried out the restructuring which involved total market trades of £1.7 billion and a net £500 million shift from UK equities into global equity.
The Fund now has 18 separate investment portfolios.