UK - The £2.5bn Hampshire County Council pension fund has tendered for multiple managers to look after four portfolios, with available mandates worth £1.75bn.
Schroders, Aberdeen (previously Deutsche) and Societe Generale currently manage three multi-sector benchmarked portfolios for the fund, and a fourth, Cordea Savills, currently manages a UK property portfolio. All four have been invited to re-tender.
A fund official said performance issues were not a factor in the re-tender but said the tenders were the culmination of an actuarial valuation, a liability study, and a study of risk return structure.
Portfolios tendered include a UK equities brief of between £100m and £500m, to which the fund seeks to appoint two or more managers. The managers could have a range of investment styles and the fund official indicated that one of these could be small cap.
One of the UK equity managers could be given a sizeable indexed portfolio, while another could operate on an unconstrained active basis, he added.
The fund is also seeking two or more managers for a global equities portfolio worth between £100m and £500m. Broken down, these briefs could include a small cap portfolio, possibly on a regional basis, and a separate emerging market portfolio, the fund official said.
Two or more managers are sought for a bond mandate of between £100m and £500m, while one or more managers are sought for a property brief, with an initial value in the range of £100m to £250m, to be run on an unconstrained basis investing in direct or indirect property, or both, in the UK and in Europe.
Deadline for expressions of interest is 13 March. The pension fund has 46,000 contributors and 24,000 pensioners.
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