SCOTLAND - Strathclyde's £4.7bn Pension Fund has put out mandates that could be worth over £1bn as part of a major overhaul.
The move follows a review by Hymans Robertson.
The giant Glasgow-based scheme is looking for managers for a portfolio of fixed-income securities with an initial value of around £250m, or some 5% of the total fund.
The benchmark will be predominantly sterling bonds with a significant allocation to investment grade bonds, although a small amount may be directed to high yield and emerging market debt as part of the mandate.
The fund is also seeking rfps for a global (ex-UK) and UK only mandate and may award one or more contracts. The authority will separately consider global equities.
Portfolios will have an initial value in the region of £300m-£800m.
Between 5 to 10 managers will be invited for both mandates. The common deadline is May 18.
Currently the fund’s manager roster comprises Northern Trust, Henderson Global Investors, JP Morgan Fleming Asset Management, Schroder Investment Management, Capital International, Legal & General Investment Management, Pantheon, Aberdeen Property Investors, Gartmore and Baillie Gifford.
Strathclyde and Hymans Robertson were unavailable for comment during press time.
Hymans Robertson’s William Marshall advises.
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
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