UK - The London Borough of Harrow Pension Fund is prepping itself for a review of its investment managers towards the end of this quarter.
The fund said that the move aimed for end of March, forms part of an annual review and will focus solely on its investment arrangements.
At present, Harrow employs Merrill Lynch Investment Managers, and Phillips & Drew. The fund would not elaborate on the nature of the mandates, adding only that the £270m assets were roughly split on an equal basis. The fund also declined to comment on fund manager performance.
According to International Pension Funds and their Advisors, Harrow held the majority of its assets in equities at 78% last year. The overall strategic allocation stood at UK equities (54%); overseas equities (14%); UK fixed interest (7%); overseas fixed interest (4%); index-linked gilts (4%); property unit trusts (16%); cash and deposits (1%).
The fund is advised by Hymans Robertson.
By Madhu Kalia
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