UK - The Dumfries and Galloway Pension Fund is seeking a passive short-term manager following its decision to terminate its mandate with Deutsche Asset Management.
The £320m (US$584m) fund is in the early stages of a review process that will see the fund managed by at least two or three managers with a broad mandate in the future.
Paul Garrett, finance spokesman for the Dumfries and Galloway Pension Fund, said in the short term assets would be moved to a passive manager.
However, Garrett declined to comment on the actual size of the asset transfer.
He said: “We kicked off a process of review of all our fund management arrangements last month and we will get the results of this evaluation in the autumn.
“At the moment, we’re looking at moving some of our assets from an equity management perspective to passive management for the duration of this review.
“I can’t say how much of the fund, but it will be an important part. At present we’re getting some advice as to how we go about the move, but it will only be for the short term until we decide on any new managers.”
Last month, the Scottish pension fund announced it was reviewing its single balanced manager approach and indicated it would increase its number of asset managers.
Previously, Deutsche managed all assets of the Dumfries and Galloway fund but lost its mandate following the council’s shake-up in investment strategy.
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