Investment Managers

The Fund currently uses 14 external investment managers and the Internal Investment Team to manage its assets. These fund managers have been chosen, not only because of their high quality people, processes and historic performance, but also for their diversity of styles. This diversification contributes to risk control within the portfolio.

Each fund manager is set a benchmark and performance objective around that benchmark, these are listed below.

  • Pictet Asset Management manages the overseas assets and have done so since their appointment in 1990. Benchmark to outperform MSCI World Index (ex UK).
  • CBREi are responsible for the property portfolio. Benchmark to outperform IPD All Properties Index.
  • Royal London Asset Management (rlam) were appointed in 2007 and are responsible for managing the Fixed Interest portfolio. Benchmark to outperform the iBoxx Sterling Non-Gilt Over 5 Year Index.
  • Insight Investment have been appointed to manage a portfolio designed to match the Fund's liabilities.
  • The Internal Investment Team manage the UK Equity portfolio and cash balances. The UK Equity portfolio is invested passively with the target of matching the performance of the FTSE 350 Index.
  • Gottex Fund Management, and International Asset Management are the two Absolute Return Fund Managers, and were appointed in 2004. Benchmark to outperform LIBOR + 5% and 7.4% per annum, respectively.
  • Standard Life, AXA Framlington and Schroders are the three External UK Equity Managers. Benchmark to outperform FTSE All Share by 2.5%, to outperform FTSE All Share by 3.5%, and to outperform FTSE Small Cap by 2.5%, respectively.
  • Intech are the US Equity Managers. Benchmark to Outperform S&P500 Index by 1-2%.
  • Standard Life and HarbourVest are the Private Equity Managers. Benchmark FTSE All Share.
  • JP Morgan are the Global Emerging Markets Equities Managers. Benchmark MSCI Emerging Markets Index +2%.
  • Barings are the Diversified Growth Managers. Benchmark 3 month LIBOR + 4%.