SCOTLAND - Custodians The Bank of New York and Phildrew Nominees are also set to come under scrutiny at the Scottish Borders Council Superannuation Fund, as the £180m fund reviews its current manager set-up later this month.
The move follows an asset liability study conducted by William M Mercer.
Recent indicators at local authority pension funds highlight a preference for a sole global custodian, although this may not be the case at Scottish Borders due to its relatively small size, according to head of financial administration, Alan Bowman.
The Roxburghshire-based fund is currently looking to introduce specialist strategies and may tender its entire assets. Currently, P&D manages around £115m in global active and passive balanced briefs, and Baillie Gifford oversees around £85m on an active balanced basis.
Alternative investments are also unlikely to feature as part of the new set-up.
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