UK - The £1.1bn Norfolk County Council Pension Fund is set to appoint a new manager for a global ex-UK equity brief.
The mandate, previously held by Deutsche Asset Management, is worth £200m and will go to UBS Asset Management, Bank of Ireland Asset Management or Capital International.
Norfolk pensions and treasury manager Glen Cossey said the council expects to announce the winner within the next week.
Cossey said that as part of the usual review process, Norfolk was considering its options for scheme administration – brought in-house from Capita Hartshead in December 2003 – and shareholder activism.
But he claimed regular reviews were all “part and parcel” of managing a local government scheme, and dismissed reports that the fund’s shareholder activism – for which it is regarded as one of the best in the UK – will be outsourced.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.