NEWS In brief

Published: 28 July, 2008

Towers Perrin has launched Towers Perrin Capital Markets (TPCM), to advise, evaluate, and facilitate risk management solutions using securities and other capital markets instruments. Gavin Palmer, chief executive of TPCM, said: “Our clients are looking to us to advise and provide additional services above and beyond the traditional insurance and reinsurance markets.”
The £640m Wandsworth Council Pension Fund is to move from a balanced to a specialist investment structure and is tendering for four specialist managers. The UK local authority scheme is looking to appoint managers for £150m of active equities, £150m in global equities, a £150m active bonds mandate and a £300m passive multi-assets portfolio.
The £1.2bn Cambridgeshire County Council pension scheme has awarded a £140m passive equity mandate to State Street Global Advisors (SSGA). The assets will be invested in a pooled fund and will track the FTSE All-Share Index. Kanesh Lakhani, managing director of SSGA UK, said: “Local authorities are increasingly recognising the benefits of passively managed funds and the role they play in a balanced portfolio.”