UK - The £717m Clwyd pension fund has dropped Baring Asset Management as manager of two briefs worth a total £50m for performance reasons.
A spokesperson for Flintshire County Council, the lead authority for the Clwyd pension fund, said it was re-tendering for managers for its Asia Pacific (ex-Japan) and global emerging markets equities portfolios, valued at around £25m each.
When queried about the decision to re-tender, the spokesperson said the fund was replacing Barings because current performance was “below target”.
The deadline for tender is 15 December.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers