UK - The £500m (US$987m) London Borough of Barnett pension fund has placed a contract for an actuarial consultant out to tender.
The scheme's asset allocation was 69% equities (36% UK, 33% international), 14% bonds, 10% property, 6% cash and net current assets and 2% pooled investment vehicles.
The Royal Borough of Kingston-upon-Thames pension scheme has also tendered for a fund custodian to provide custody, accounting and administration services to the £330m fund.
Iain Millar, head of treasury services with the fund told Global Pensions custody arrangements were currently provided by JPMorgan.
Millar said the fund, which had a 70% coverage level at the time of its last actuarial valuation in March last year, had undergone a strategic review and had decided to retender for a custodian sooner rather than later, as it was easier to do so before any potential asset reallocations or manager changes.
He added the fund was also looking to appoint as transition manger in the near future.
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