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.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.