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.
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