Hewitt Associates said 80 pct of its pension fund clients’ manager selections last year were for unconstrained equity investments with either a UK or global focus. A third of the 150 investment mandates the consultancy advised on last year also employed an unconstrained equity approach, it said. So-called ‘unconstrained’ investment mandates give the manager some leeway with regards to meeting and following underlying benchmarks, Hewitt said.
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