WALES - The £872.6m pension fund for the Rhondda Cynon Taff County Borough Council is tendering for a specialist bond manager to run £120-130m and will tender for a custodian in October.
Currently, Deutsche Asset Management and F&C Management both hold balanced mandates, overseeing two-thirds and one-third of the assets respectively. Monies in those proportions will be extracted equally from their portfolios in whatever they hold in fixed interest bonds.
The Clydach Vale-based fund’s panel made the decision on March 7. Following a meeting with the procurement officer in a few week’s time the tender will be put out in May.
Once the bond manager is in place by October the scheme will advertise for a custodian. The fund’s current custodian is State Street which has been with it since previous provider Lloyds TSB hived off its custody arm.
All contracts are for a rolling three-year duration.
The fund is advised by Ely Fund Managers, independent adviser Peter Clements and Ives Associates.
By Luke Clancy
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
This week's top stories include an article on climate activists from Extinction Rebellion crashing the PLSA's local authority conference, and an in-depth piece on the Court of Appeal's ruling on the BIC UK Pension Scheme case.
Engagement in pensions is rising but there are still a number of barriers to overcome. Natanje Holt looks at the key issues that need to be tackled