UK - SCOTLAND - The £2bn Lothian Pension Fund is to drop Friends, Ivory & Sime from a UK equities mandate but will retain the fund manager for its reo SRI overlay strategy.
A source close to events said that the decision to remove FI&S from the mandate was due to a strategy reshuffle, and was not down to performance concerns. The amount held by FI&S was not disclosed.
A new £120m UK specialist equities tender has been issued by the fund, which has also been sourced using new money.
Asset allocation should be driven primarily by a 'bottom-up' approach. Stock selection should be on a genuine basis for all sectors.
Deadline for rfps is October 7, 2002.
Between 5-10 managers will be invited to tender.
The three year contract is due to start on January 1, 2003.
The return date for the submission of completed tenders from the invited shortlist should be around November 5, 2002.
According to Pension Funds and Their Advisers 2002, Lothian also utilises Baillie Gifford; Bank of Ireland Asset Management; BlackRock International; Deutsche Asset Management; Edinburgh Fund Managers, Henderson Global Investors, Invesco, Lloyd George Management, Oppenheimer Capital; Putnam Investments, and UBS Global Asset Management.
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