UK - The £1.5bn Staffordshire County Council Pension Fund has put a £90m Asia Pacific (including Japan) equities mandate out to tender.
Invesco which currently holds two separate mandates for Japan and Asia (ex Japan) stands to lose both mandates. The latest tender is part of an overall review of its equity strategy that the fund is carrying out along with consultants Hymans Robertson.
Reg Smith, principal accountant at the fund, said: “Over the past year, we have been reviewing our investment management arrangement and we have tweaked it here and there. Most of the changes have been in equities.”
Late last year, the fund put out tenders for one £150m global equity mandate and two £200m UK equity briefs. Smith said that no new appointments have been made yet.
The tender notice said that the mandate had a +2% net out performance objective.
Deadline for tender is August 3, 2005.
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