UK - The £749m West Sussex County Council Pension Fund is reviewing the arrangements for the management of its £62m direct property portfolio.
The fund’s performance objective is to outperform the Investment Property Databank’s all properties index by one point per year over a three-year rolling period.
The new manager must also make sure any underperformance is not more than three points in any one year. The deadline for receipt of tenders is July 10.
West Sussex is also in the final stages of its search for a global custodian.
The scheme wants a global custodian for the assets that are managed on an active basis by its two balanced managers, UBS Global Asset Management and Baillie Gifford.
The remainder of the scheme’s assets – which are invested in private equity and directly-owned property – will not be covered by the contract.
The scheme, which is advised by Hymans Robertson, has around 17,500 active, 6000 deferred and 10,000 pensioner members.
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