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Lazard, Davis lose out as RBS pension fund targets alternatives

first_imgA more sizable infrastructure portfolio of £120m was also awarded by the main scheme to Hastings Funds Management, and Legal & General Investment Management (LGIM) – already responsible for more than £10bn of RBS Group Pension Fund’s assets – won a £17m forestry mandate.LGIM also won a further £145m global credit mandate, doubling the size of credit investments while terminating the £82m mandate held by Standard Life.The manager saw a liability hedging and cash mandate previously overseen my BlackRock split in two – between a £380m liability hedging and a £132m cash and liquidity portfolio.In the report, the fund noted that its continued diversification into alternatives allowed “a reduced concentration of risk in equities”.“The purpose of this diversification is to give the fund a more balanced portfolio, which should generate more consistent returns based on a broader range of assets,” it said.It also saw property investments increase by £200m to £1bn, largely granted to a £393m UK property mandate overseen by Standard Life. A more than £600m (€711m) reallocation of assets from equities to alternatives by the £25bn pension fund for the Royal Bank of Scotland Group has seen mandates by two asset managers terminated.In its annual report, covering the financial year to 31 March, the RBS Group Pension Fund said it reduced its equity investments to £8.6bn, increasing real estate and alternatives holdings, such as infrastructure.It fund said it outperformed its strategic benchmark by 0.9 percentage points over the course of the year, returning 13.8%, and outperformed its three-year target by 1.3 percentage points, achieving a result of 12.2%,It terminated a £377m global equity mandate held by Lazard Asset Management and a £238m mandate overseen by Davis Funds, while in its smaller, £766m section it invested £13m in infrastructure equities and £6m with Nephila Capital, a specialist manager investing in insurance-linked securities and reinsurance risk.last_img read more

First UK Offshore Wind Farm Disappears from Horizon

first_imgE.ON has decommissioned the two-turbine Blyth project, the first offshore wind farm built in UK waters.Source: E.ONThe Blyth offshore wind farm features two 2MW turbines commissioned in December 2000, which were at that time the most powerful units.According to E.ON, wind farms usually have a lifespan of 20-25 years and Blyth has reached the end of its time.One turbine is expected to be recycled and reused for spare parts within E.ON’s onshore wind project, with the other to be used by the Port of Blyth for training purposes.E.ON UK Renewables developed the 4MW offshore wind project in a consortium with Shell Renewables, Nuon UK and AMEC Wind.last_img read more