The Greater Gwent Pension Fund, an occupational pension scheme, has terminated BlackRock and selected Nomura Asset Management to run its £50 million Japanese equity portfolio, IPE reports. BlackRock runs more than 50 percent of the local authority fund’s £1.6 billion in assets. It was appointed on an interim basis, replacing Baring Asset Management in June 2009.
Baring still handles two mandates worth nearly 10 percent of assets. Meanwhile, Greater Gwent has awarded an active alternatives/diversified growth mandate worth £50 million to Standard Life Investments, which currently manages a £76 million U.K. equity mandate for the local authority fund.
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