Threadneedle Investments has received a £150 million (€178.7 million) global equity mandate for the Dyfed Pension Fund from Carmarthenshire County Council.
In a statement, Threadnedle says the global mandate will be funded by re-allocating the fund’s existing investments in UK and European equity into a global equity income strategy.
It has not been decided yet whether the money will be invested into Threadneedle’s Global Equity Income Fund, a UK-domiciled Oeic, which has already £743.2 million of assets under management, or into a separate mandate.
Stephen Thornber manages the Global Equity Income Fund and invests at least two-thirds of his portfolio globally.
Anthony Parnell, treasury and pension investments manager at Carmarthenshire County Council, says the the Dyfed Pension Fund works with only a small number of investment managers.
Parnell adds that “this mandate is part of our strategy to take a more global approach to equity investing in order to deliver the best returns for our members. We liked Threadneedle’s Global Equity Income approach“.
The Dyfed Pension Fund has 39,645 members, all who are employees of Carmarthenshire, Pembrokeshire and Ceredigion County Councils, as well as of other eligible employing authorities.
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