Appendix 3

Investment Manager mandates

Asset Class / ManagerPerformance benchmarkPerformance target
UK Equities  
SchrodersCustomised+1.5% pa over rolling 3 years
WoodfordFTSE All ShareUnconstrained
SSgAFTSE All ShareMatch
Global Equities  
Baillie GiffordCustomised+1.5% pa over rolling 3 years
SarasinMSCI AC World Index NDR+2.5% over rolling 3 - 5 years
M&GMSCI AC World Index GDR+3% pa
SchrodersMSCI AC World Index NDR+3% - 4% pa over rolling 3 years
ImpaxMSCI AC World Index NDR+2% pa over rolling 3 years
SSgAFTSE World ex UKMatch
Fixed income  
Schroders3 months Sterling Libor+4% pa over rolling 3 years
GSAMNone+3.5% to 6% Absolute over rolling 3 years
Property  
DTZIPD Pension Fund IndexMatch or exceed 3 year rolling average of benchmark returns
FidelityIPD UK PF All Balanced Property Fund Index 
KamesIPD UK PF All Balanced Property Fund Index 
M&GIPD UK PF All Balanced Property Fund Index 
Alternatives  
Cash/Other assets
  
Private Equity – YFMGBP 7 Day LIBID 
Private Equity – HarbourVestGBP 7 Day LIBID 
Infrastructure – Partners GroupGBP 7 Day LIBID 
Infrastructure - HendersonGBP 7 Day LIBID 
Absolute Return – PyrfordRetail Price Index (RPI)RPI + 5%
Internally managed cash – Kent County Council Treasury and Investments teamGBP 7 Day LIBID