Threadneedle Investments has won a c. £150 million Global Equity mandate from Carmarthenshire County Council, administering authority for the Dyfed Pension Fund.
The mandate reflects the Dyfed Pension Fund’s move away from a regionally focused equity portfolio towards a more global approach.
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The new global mandate will be funded by reallocating the Fund’s existing investments in UK and European Equity into Threadneedle’s Global Equity Income strategy managed by Stephen Thornber.
The Dyfed Pension Fund is valued at approximately £1.6 billion and has 39,645 members.1 The Fund is advised by Independent Investment Adviser Eric Lambert, with Allenbridge Epic having assisted with the search. Threadneedle’s Global Equity Income strategy has a track record of consistent outperformance and seeks investments in ‘quality income’ companies that deliver a high and sustainable dividend, but also generate growth.
Moira Gorman, Local Authority Client Director at Threadneedle said: "We are proud to be working with the award winning Dyfed Pension Fund, and pleased that our investment capabilities and strategies continue to attract interest from councils all over the UK. A few months ago, the London Borough of Hounslow entrusted us with the management of a UK property mandate. Combined with the Dyfed Pension Fund win, this brings the total of investments we manage for UK local authorities to just over £1bn."
As at 31/03/2013. Dyfed Pension Fund Annual Report & Accounts 2012 – 2013 2 Anthony Parnell, Treasury and Pension Investments Manager at Carmarthenshire County Council, said: "Our Fund works with only a small number of investment managers, and 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 and its emphasis on quality companies, and the characteristic of protection in falling markets which this strategy aims to provide. We were also impressed by their commitment to a high quality client service delivery."
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By GlobalDataFund Manager Stephen Thornber has over 25 years’ experience, and has managed the Global Equity Income strategy since its inception in 2007. He is supported by an additional seven members of the Global Equity Team and Threadneedle’s wider team of more than 150 investment professionals.
