UK - The £650m Somerset County Council Pension Fund has gone out to tender for a £110m bond brief.
It intends to appoint one active bond manager to manage the portfolio benchmarked against UK corporate bonds, UK fixed interest gilts and UK index-linked gilts.
The scheme is also hoping to appoint a property investment manager for a pooled manager-of-managers mandate.
The property portfolio would initially be for around £15m and would include the management of existing property unit trusts, but additional cash would build the mandate up to around £50m in the next few years.
The time limit for receipt of tenders, or requests to participate in both tenders, is August 24 and the despatch of invitations to tender to shortlisted candidates will go out around September 17. The mandates will start at the beginning of February 2004.
The Somerset fund has around 16,000 active, 5750 deferred and 8000 pensioner members and is advised by Hewitt Bacon & Woodrow.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.