UK - The £860m West Sussex County Council Superannuation Fund looks set to axe around £400m worth of mandates run by Deutsche Asset Management.
West Sussex County Council group accountant Rosemary Burfoot confirmed that the fund was looking to hire managers for a £400m balanced mandate and that Deutsche’s mandates “were at risk”.
The fund has yet to decide whether the balanced mandate will be run on an active or passive basis but potential candidates will have to provide custody services.
The closing date for expressions of interest is June 17.
Another option still being considered by the fund is allocating part of the £400m under question to specialist managers. If the scheme does proceed with this proposal, the mandate will be put out to tender at a later date.
Burfoot also revealed that the pension fund is conducting an asset liability study which could lead to the tightening of its risk profile. It is discussing with Hymans Robertson – its actuary – an index-based customised benchmark.
The scheme’s current benchmark is the WM company local authority average, which excludes direct property and instructs managers not to fall more than 3% below the benchmark.
In this week's Pensions Buzz, we want to know if The Pensions Regulator (TPR) is taking the right approach by naming and shaming schemes which breach their auto-enrolment (AE) duties.
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