UK - The £2bn (US$3.97bn) Teeside Pension Fund is to place its UK direct property mandate out to tender.
Speaking to Global Pensions, Fred Green, head of investments, said: "We're happy with the performance and management of the mandate at the moment and we're not looking at changing it too much.
"The documents are being drawn up at the moment with a view to putting the mandate out to tender in the first week of May."
The contract is due for re-tendering as part of the normal public-body tender process, and Green said the fund had no problems with the management of the mandate so far.
He added the fund had performed reasonably well in the aftermath of the credit-crunch but full results of investment performance we not yet available.
Historically, the fund has generated annual returns of 8%. According to the last available actuarial valuation in 2004, the Teeside Pension Fund was 81% funded, although it is believed to have improved significantly since then.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.