UK - The London Borough of Wandsworth pension fund is to tender between £475m and £750m (US$948m-$1.5bn) across four new mandates, as part of a restructuring of its portfolio.
According to the latest figures from the annual report, the fund had assets of £706m, split between Aberdeen Asset Management and UBS Global Asset Management.
Global Pensions understands UBS has lost its mandate over concerns about its performance.
The mandates would have six year terms, with the option to extend for a further six years, although the council said it retained the right to terminate contracts as and when it saw fit.
Invitations for mandate tenders should be submitted by 22 August.
Wandsworth pension fund could not be contacted for comment.
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