UK - The £1.5bn Staffordshire County Council pension fund is tendering for three investment managers for its specialist UK equity and global equity portfolios following a recent investment review.
Staffordshire County Council principal accountant Reg Smith said the fund was looking to award one £150m global equity mandate and two £200m UK equity briefs.
“We’ve just had a review of our arrangements and part and parcel of that, we’ve decided to put some of the funds out on a global equity basis, and as a result of that we are reducing our UK equity managers from three to two,” he said.
Smith said the fund’s current UK equity managers – Baring Asset Management, Jupiter Asset Management and Deutsche Asset Management – would be free to apply.
“We basically wanted to test the market place,” he added.
The global equity manager will be asked to outperform the benchmark by 1.5%.
Deadline for tender is December 13.
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