UK - The £290m London Borough of Harrow Pension Fund is dropping Merrill Lynch Investment Managers from £100m worth of global equities.
The equities formed part of a balanced mandate at the council with MLIM retaining the property and bond assets.
Harrow’s pension fund assets are currently equally split between MLIM and a balanced mandate held by UBS Global Asset Management.
Harrow chief accountant John Fenwick blamed poor performance and concern over staff departures at MLIM as the reason for the change.
The council is now looking for a manager to run another global equities mandate with broadly equal proportions of UK and international equities.
No benchmark has yet been set.
The deadline for submissions of interest is November 26, at which point the scheme will invite between five and 20 firms for the mandate.
Hymans Robertson is the scheme’s consultant.
MLIM has been invited to reapply.
The Harrow mandate is the third that MLIM has lost within the last three weeks.
It lost a mandate with the £1.8bn Essex County Council Pension Fund, and last week, the £103m University of Bristol Pension and Assurance Scheme tendered for a manager of managers to replace both MLIM and Barclays Global Investors.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.