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.”
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