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Copyright Schemes To Hire GTAA Manager
养老基金s for the Performing Right Society, the GBP11 million Mechanical Copyright Protection Society Pension Fund and the GBP110 million Performing Right Society Pension Fund, will seek a global tactical asset allocation manager in the next few weeks.
养老基金s for thePerforming Right Society, the GBP11 millionMechanical Copyright Protection Society Pension Fundand the GBP110 millionPerforming Right Society Pension Fund, will seek a global tactical asset allocation manager in the next few weeks. It has short-listedMellon Global InvestmentsandGoldman Sachs Asset Managementand one will be appointed to run around 5% of both funds' combined assets, saidGary Bundy, pensions manager at PRS in London.
The move follows a reshuffling of both schemes' fund managers at the beginning of the year. PRS is expecting to increase returns with a GTAA manager in place. "It's a risky bet but investing a small amount like 5% the risk/reward element is acceptable for both funds," said Bundy. He declined to speculate on which manager would have a better chance of winning the mandate.Jonathan Lubran, director of U.K. institutional sales at Mellon, and奥利弗Bolitho, head of U.K. and Irish institutional business at GSAM, did not return calls by press time.
At the beginning of the year, the MCPS fund terminated sole managerF&C Asset Managementfor poor performance. Bundy did not provide figures but said that "underperformance went back to theISIS[Asset Management] days." ISIS bought F&C in July 2004; F&C later took over ISIS' institutional business. To replace the manager the scheme has hiredEscherfor a multi-manager U.K. equity mandate andMorley Fund Managementfor a real estate brief.Legal & General Investment Managementhas also been appointed for a balanced bonds and international equity pooled brief. It invests 36.5% in overseas equity, 36% U.K. equity, 12.5% property, 7.5% gilts and 7.5% corporate bonds.
The PRS scheme has also made some changes. Sole balanced managerMartin Currie Investment Managementsaw its portfolio cut to just managing an equity account, while L&G has won a bond brief. Morley was also picked for property. The fund invests 43.5% in U.K. equity, 29% international equity, 10% property, 8.8% gilts and 8.7% corporate bonds.
Bundy said both funds have different funding positions but both are in deficit, with the largest scheme having the biggest deficit, which he declined to quantify. The company injected some GBP25 million in December to plug the funds' gaps. Early next year the copyright company will review a plan to merge the two schemes. He did not elaborate further.
The move follows a reshuffling of both schemes' fund managers at the beginning of the year. PRS is expecting to increase returns with a GTAA manager in place. "It's a risky bet but investing a small amount like 5% the risk/reward element is acceptable for both funds," said Bundy. He declined to speculate on which manager would have a better chance of winning the mandate.Jonathan Lubran, director of U.K. institutional sales at Mellon, and奥利弗Bolitho, head of U.K. and Irish institutional business at GSAM, did not return calls by press time.
At the beginning of the year, the MCPS fund terminated sole managerF&C Asset Managementfor poor performance. Bundy did not provide figures but said that "underperformance went back to theISIS[Asset Management] days." ISIS bought F&C in July 2004; F&C later took over ISIS' institutional business. To replace the manager the scheme has hiredEscherfor a multi-manager U.K. equity mandate andMorley Fund Managementfor a real estate brief.Legal & General Investment Managementhas also been appointed for a balanced bonds and international equity pooled brief. It invests 36.5% in overseas equity, 36% U.K. equity, 12.5% property, 7.5% gilts and 7.5% corporate bonds.
The PRS scheme has also made some changes. Sole balanced managerMartin Currie Investment Managementsaw its portfolio cut to just managing an equity account, while L&G has won a bond brief. Morley was also picked for property. The fund invests 43.5% in U.K. equity, 29% international equity, 10% property, 8.8% gilts and 8.7% corporate bonds.
Bundy said both funds have different funding positions but both are in deficit, with the largest scheme having the biggest deficit, which he declined to quantify. The company injected some GBP25 million in December to plug the funds' gaps. Early next year the copyright company will review a plan to merge the two schemes. He did not elaborate further.