UK - The £2.2bn South Yorkshire Pension Fund (SYPF) has hired Standard Life Investments (SLI) as its new commercial property advisor for its £220m segregated real estate portfolio.
John Hattersley, fund manager at SYPF, said that SLI will replace Rreef Property Asset Management, which was acquired by Aberdeen Asset Management in a £7.3m deal last year. The portfolio is comprised of retail, office and industrial space.
SLI beat off competition from a substantial number of applicants Hattersley said. The appointment will be effective from April. The mandate was put out to tender last July following a best value review.
Bacon & Woodrow assisted the fund in its search for a real estate advisor. William M Mercer is the SYPF's actuary.
Additionally, Hattersley said that the SYPF was close to completing its asset liability study and that he does not expect to see any significant changes in either the fund's asset mix or manager roster as a result of the study. The study should be finished by March, he said.
By Geoffrey Ho
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