UK - The £360m London Borough of Barking & Dagenham Superannuation Fund is tendering for a £160m global equities manager.
Deutsche Asset Management, which currently manages all the assets of the fund, will lose around 45% of the fund’s assets. However, the manager will continue to hold the remainder of assets.
A fund spokesperson said: “We regularly review the existing investment manager structure in order to secure the best value for the fund. Deutsche can re-tender for the new mandate if they wish to do so.”
The pension fund said that mandate is for a specialist active global equity manager, including UK equities. The fund added that potentially there could be some additional allocation to UK equities.
Asset allocation of the fund is 65% equities, 11% properties, 23% bonds and 1% cash.
Hymans Robertson is advising the fund. Deadline for tender is August 10.
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