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ABERDEEN RESTRUCTURES£1BN PENSION FUND

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State Street Global Advisors has landed a passive mandate to manage a quarter of Aberdeen City Councils£1bn pensio...
State Street Global Advisors has landed a passive mandate to manage a quarter of Aberdeen City Councils£1bn pension fund.

Aberdeen has also given Capital International a£50m global (excluding UK) equities brief, with Friends Ivory & Sime picking up a£20m mandate based on socially responsible investment.

The restructuring of the fund, which covers the whole of the former Grampian region, sees Mercury Asset Management and Schroders retained with reduced briefs to make way for the trio of new managers. Oppenheimer, which held a small US equities mandate, is dropped.

While State Street's is the major appointment, Friends Ivory & Sime's win holds equal interest. Aberdeen has opted for the fund manager's 'responsible engagement overlay'. This involves adopting a mainstream investment approach, but also actively engaging companies about their behaviour. The firm developed the approach in response to client concerns that simply screening out companies on ethical grounds could breach the fiduciary duties on pension fund trustees.
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