The GBP480 million London Borough of Hounslow Pension Fund has appointed AllenbridgeEPIC as consultant, rehired Barnett Waddingham as its actuary and is planning to conduct an asset/liability modelling study in the fourth quarter. While strategy shifts may be made, manager changes are unlikely, said Treasury Management Officer Mike Rust.
Having made the appointments, the scheme is reviewing internally-managed property and private equity allocations before looking at its outsourced investments, Rust explained. It will wait for the results of an actuarial valuation to start soon and will then look to conduct its ALM study from September, he commented. The scheme hasnt conducted a review since around 2004.
The pension scheme will consider currency hedging strategies, but is "not sure about other areas yet," said Rust. Its two managers, BlackRock and Aberdeen Asset Management, both of whom hold balanced global equity and bond mandates, have been performing well, so changes to the roster are unlikely, he added.
The local authority invests in U.K. equity (32%), overseas equity (37%), U.K. bonds (9%), overseas bonds (3%), index-linked bonds (7%), real estate (4%), private equity (1%) and cash (7%).
Contact Details:
Kate Davidson, Public Relations and Media Manager at Allenbridge Group PLC.
Mob: +44 (0)78 1462 4161
Tel: +44 (0)20 7409 1111
Kate.davidson@allenbridge.co.uk
http://www.allenbridge.co.uk/
Anthony Yadgaroff, Managing Director at Allenbridge Group PLC.
Tel: +44 (0)20 7409 1111
Anthony.yadgaroff@allenbridge.co.uk
Notes to Editors:
Allenbridge Group PLC is a rare beast in the investment jungle, a Mayfair-based discount broker that also advises large FTSE corporate pension funds and global banks. Founded in 1985, it carries out specialist research and consultancy, analysing investment manager performance across a wide range of funds: Unit Trusts, Investment Trusts, Venture Capital Trusts, Enterprise Investment Schemes, Charities, Hedge Funds, Funds of Hedge Funds and institutional Pension Funds.
In addition to providing comprehensive advice and strategic investment consultancy to leading institutions, Allenbridge also offers monitoring services, valuations and its specialised AllenbridgeCare service to individual investors on investment products and tax-shelter vehicles.
Allenbridge’s private investor division serves over 14,000 clients; retail and institutional funds under advisement exceed £25 billion.