UK - The £665m Wiltshire County Council Pension Fund has added to a move from a balanced to a partial specialist arrangement with two more tenders.
The fund, which recently tendered a £130m global equity mandate, is now putting out a search for a property and a bond manager.
The global equity mandate - which will be split between UK equities (50%) and overseas equities (50%) - requires a multi-manager. Between 3-10 applicants will be invited to tender.
Again between 3-10 managers will be invited to tender for a new £65m property mandate, to be invested in pooled property. A £130m bond mandate is also up for grabs, comprising 80% UK bonds, and 20% overseas bonds. The benchmark for this contract will be agreed with the appointed manager. Between 5-10 applicants will be invited to tender.
The mandates consist of 50% of total fund assets which are currently held between Schroder Investment Management, Baillie Gifford, and Capital International. It is not yet clear as to how the move will impact on individual incumbents.
The new arrangements are expected to be in place by October.
Deadline for all rfps is May 29, 2002.
The moves are advised by Hymans Robertson, Glasgow.
By Madhu Kalia
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