UK - The London Borough of Camden and Buckinghamshire County Council have placed contracts out to tender worth between £880m and £1.3bn (US$1.77bn-$2.6bn).
The £80m fixed interest mandate is seeking a 1% or more out performance of a sterling broad market benchmark, comprising a composite index of credit and conventional UK gilts.
The global equities contract, which will be worth £400m, may be split between two managers. The investment will be expected to out perform a global market cap weighted benchmark by 2-3% a year.
The fund has said it will tender between £100-£500m for a passive mandate, based primarily on UK equities, but may also include bonds and global equities.
The £1.2bn Buckinghamshire CC fund has tendered for a £130m 'core plus' bond investment manager, a £130m global equities mandate and a £40-65m allocation to alternatives.
A spokesperson for the fund said the tender process was a result of a triennial review, but declined to comment further. The scheme had a 75% funding ratio at the time of its last valuation in 2007.
Here are key takeaways from our 2019 Asset Allocation Outlook on how we are positioning asset allocation portfolios in light of our outlook for the global economy and markets.
This week's top stories included a Freedom of Information request revealing more than 100,000 savers could face six-figure tax bills as a result of GMP equalisation.
The Pearson Pension Plan has entered into a £500m pensioner buy-in with Legal & General (L&G) in the insurer's first deal of 2019.