UK - The £2bn Kent County Council pension fund today tendered to appoint investment managers for mandates valued up to £450m.
The mandates will be for active global equity management; and the benchmark will be predominately global equities but may include an over-representation of UK equities.
Kent Country Council financial services head, Nick Vickers, said the tender formed part of a strategic realignment at the council. “We are shifting to a 50-50 UK /overseas equity weighting, so that means changes to some of our existing mandates.”
“This will entail moving about £200m more into overseas equities from the UK side, and the council will take this opportunity to look at a few manager mandates at the same time,” he said.
“The existing managers, will be re-tendering and we also will take a look at new managers. It is just a strategic re-alignment.”
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.