UK - Schroder Investment Management and Baillie Gifford have both lost balanced mandates at the £775.6m Dundee City Council Tayside Superannuation Fund.
The scheme currently employs Schroders, Baillie Gifford and Fidelity Investments to run balanced mandates worth approximately £232.7m each.
Schroder Property Investment Management runs the remaining 10% of the scheme.
But a review by Hymans Robertson has recommended a move towards specialist management.
As a result, a £194m global equities brief and a £93m fixed- income portfolio are being tendered, while Baillie Gifford is being retained to run a £178m global equities mandate.
The global equities mandate on offer will be composed of 60% UK equities, US 14%, Europe 12%, Japan 4%, Pacific 6%, emerging markets 2% and cash 2%.
The bond mandate will consist of UK gilts 17%, corporate bonds 25%, overseas bonds 25%, index-linked 29% and cash 4%.
Dundee is looking to shortlist between five and 10 firms for both mandates. Interested firms should contact Hymans Robertson.
The closing date for expressions of interest is December 3 and the scheme will contact shortlisted candidates by December 23.
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