Following a comprehensive review exercise of the management arrangements for its £5.2bn securities portfolios, Greater Manchester Pension Fund’s Management Committee has decided to reappoint Phillips and Drew and appoint Capital International and Legal & General.  Each will have a multi-asset brief and a specific benchmark against which performance will be measured.  Legal & General will manage on an indexed basis. Phillips and Drew will manage half the assets, Capital 20% and Legal & General 30%.

Chase Fleming Asset Management and in-house staff provided interim investment management following the termination of Prudential’s contract in June 2000.  Appointments will be effective from 1st March 2001.

Hymans Robertson helped with the review.

Councillor Roy Oldham, Chair of the Committee and Leader of the Administering Authority at Tameside MBC, said:

“With the assistance of our advisers, we have gone through a rigorous process culminating in the appointments of Phillips and Drew, Capital and Legal & General.  We have considered carefully the recent track record of Phillips and Drew and we believe, going forward, that they will be able to replicate their very good long term performance for us.  We are confident that these new arrangements will ensure the success of the Fund.”

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