UK - The £2bn Hampshire County Council Pension Fund has put £400m worth of funds up for tender to create a new balanced portfolio.
The assets will come from a reduction in current mandates managed by Schroder Investment Management, Deutsche Asset Management, Morley Fund Management and Friends Ivory & Sime.
Currently, Schroder manages £740m, DeAM manages £650m, Morley manages £150m and Friends Ivory & Sime manages £10m worth of the scheme's assets. The four managers will be open to retender for the new brief.
The appointment of the new mandates is expected to take place in the autumn.
The scheme has also dropped property fund manager Allsop & Co from a £96m portfolio and has replaced it with Savills Fund Management. The changes follow a best value review.
The property portfolio mandate was decided after a tendering process involving six companies including Allsop.
Hampshire County Council spokeperson said: “There was no problem with Allsop, we simply put the mandate up for tender and Savills made a better offer.”
The pension fund took advice from Hampshire County Council’s internal investment team.
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