UK - East Sussex County Council has placed two mandates worth £700m (US$1.39bn) out to tender.
A spokesperson for the £1.7bn fund told Global Pensions the two mandates would be up and running by August. He said the UK passive equities mandate would most likely be a 'straight tracker' following the FTSE All-Share Index.
The specialist global equities mandate will be tasked with providing 2-3% out-performance against a benchmark, which is thought to be the MSCI All World Index. As it will be an unconstrained mandate, no investment areas will be off-limits.
"The mandate will be global in the truest sense, the fund will have its fingers in all pies," the spokesperson said.
However, due to restrictions placed on him, he was unable to provide further details relating to strategic and tactical reasons behind the move.
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Two consultancies have reported decreases in defined benefit (DB) transfer quotation requests in Q3, and said guaranteed minimum pension (GMP) equalisation could impact transfer activity.
The Association of Consulting Actuaries (ACA) and Royal London have proposed a "pensions pound" to "radically simplify" defined benefit (DB) pensions rights.