On the go: The £1.7bn London Borough of Lambeth Superannuation Fund has appointed a new multi-asset credit manager. The scheme also intends to move some of its alternative mandates to the London Collective Investment Vehicle.
Since 2020, the scheme has been making a number of changes to its portfolio as it implements a new investment strategy, as reported by MandateWire.
Recent committee meeting minutes reveal that M&G Investments has been appointed to handle a multi-asset credit mandate. The manager was added for diversification purposes and the investment was due to complete in December 2020.
No one from the fund was able to confirm if the assets have transitioned yet. The scheme already has a MAC mandate with CQS through the London CIV.
The scheme has also terminated its diversified growth mandate with Aviva Investors as part of its strategy to shift diversified growth fund assets into multi-asset credit.
According to the investment strategy implementation plan’s timetable, this was scheduled to be completed by December 2020.
In the new strategy, the allocation to property has increased by around 4 percentage points. The pension scheme is working closely with the London CIV on the potential investment into its London Fund, which launched in 2020.
If this fund does not fulfil the needs of the scheme, it will consider other options with the London CIV such as the renewables fund, which is due to launch soon.
The pension fund is also working with the London CIV to appoint private debt managers to handle around 7 per cent of the scheme’s assets.
Mercer Investment Consulting advises the London Borough of Lambeth Superannuation Fund.
This article originally appeared on Mandatewire.com
