UK - Lincolnshire County Council's pension fund is set to appoint Western Asset Management to run a fixed income mandate in place of Morley Fund Management.
The £676m scheme decided to drop Morley from its £79m fixed income brief following a review – conducted by Hymans Robertson – of its investment arrangements.
The review recommended that Lincolnshire should double its exposure to bonds to 18.5%.
Western won the brief after being shortlisted along with Morley, Credit Suisse Asset Management and Legal & General Investment Management.
The scheme is also going out to tender for a global custodian to replace incumbent HSBC.
The five-year contract will begin April 1, 2004, but could be extended for an extra two years. The deadline for interested candidates is September 5.
The scheme’s current fund managers are Bank of Ireland Asset Management, which manages its global equities portfolio; Deutsche Asset Management, UK equities; and Invesco, which manages US equities. Pan-European equities are managed in–house.
The scheme also invests in property funds run by DeAM, Morley, Standard Life Investments and Royal London Asset Management.
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