Bath & North East Somerset Council (Avon Pension Fund) has been overwhelmed by the response it has received for four mandates it has put out to tender, covering the entire assets of the scheme.
The £1.6bn pension scheme has tendered three active briefs (multi-manager, UK and overseas equities) and a passive bond and multi-manager mandate. Each are for roughly £400-500m each, exact sums to be finalised.
A spokesman for the scheme said it has received exactly 100 applications from managers applying to run the money. The spokesman said staff at the authority’s pension fund were slowly sifting through the responses and did now not expect to make a decision until year end or possibly Q1, 2002.
He added: “Obviously, we are a large fund and a lot of fund managers would like to form an investment relationship with us.”
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.