The £2.4bn (€3.5bn) pension scheme for Kent County Council has halved a £400m UK equities brief run by Société Générale Asset Management. The portfolio was put out to tender in December.
A mandate worth £200m of the assets has been handed to Invesco Perpetual to be run on an unconstrained basis. Unconstrained mandates aim to outperform a market index by wide but unspecified margins and tend to have few, if any, investment restrictions.
