UK - The London Borough of Newham Pension Fund is tendering an active currency mandate worth between £25-30m.
The mandate, which is equivalent to 5% of the total pension fund, is for an active currency pooled fund providing returns "in the region of 20% p.a. above LIBOR".
Investment managers are invited to tender for the contract, which will start on the 1 February 2007, by the 15 November.
Between five and 20 investment managers will be invited to tender.
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Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point