UK – The £2bn local authority pension scheme for East Sussex County Council has increased its property exposure through a follow-on investment with Schroders.
The fund has invested a further £24.5m with Schroder Property's multi-manager team, a mandate the company has held since 2010.
It invests across a range of core and sector-specialist funds on behalf of the local authority scheme.
In its 2011-12 annual report, East Sussex noted that Schroders was its only real estate manager, but that the fund-of-fund approach provided it with the required diversification.
As of the end of March 2012, Schroders managed £194m of money on behalf of East Sussex, accounting for 9.4% of the pension fund's overall assets under management.
It reported annual investment income of £5.2m from its pooled property investments over the same period.
Graeme Rutter, head of property multi-manager at Schroders Property, said he was "delighted" by the additional allocation by East Sussex and noted that the returns from its mandate had come from Central London office investments, alternative property and core funds outperforming the market.
