UK's £1.5bn Avon Pension Fund has appointed international property adviser GVA Grimly to assist with the disposal of its £40m property assets.
GVA Grimley will advise the fund for Bath & North East Somerset council on its withdrawal from property, and on how to maximise the value of assets resulting from the disposal.
The fund also has three of its investment managers under review on the basis of performance, according to the fund. As International Pensions News reported in February, Merrill Lynch Investment Managers (MLIM), Barclays Global Investors (BGI) and Gartmore Investment Management are all under review as Bath & North East Somerset Council's pensions committee were “no longer confident” in their abilities to add value to the fund.
Currently, MLIM run a £500m active balanced mandate, whilst BGI and Gartmore both oversee passive mandates worth £500m each.
By Geoffrey Ho
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