UK - The £465m London Borough of Waltham Forest Pension Fund has put its entire fund up for tender, after receiving advice to switch from multi-asset management to specialist management.
"We haven't actually looked at the whole fund for quite a few years now," said investment manager Graham Kirwan, "and we've been advised to move from mutli-asset managers to specialist [managers].
"So rather than do it bit by bit, we've decided to go for a big bang and do the whole lot at once. We're not changing the actual asset allocation much, the radical nature of it is moving from multi-asset to specialist."
Waltham Forest is tendering a £155m global equities mandate; a £185m UK equities mandate, with the investment objective of outperforming the FTSE All-share index by 2%-4% p.a.; a £70m diversified fixed income mandate, with the target of outperforming the composite benchmark by 0.75% p.a.; a £15m global tactical asset allocation mandate, where the rationale is to achieve a return of 0.5% - 0.75% at the total fund level; and a £40m pan-European property fund mandate with a return target of benchmark + 1%.
Waltham Forest was advised to make the move to specialisation by bfinance. Managers interested in the mandates are invited to tender by 26 January 2007.
In other UK pension fund news, the £1.1bn Suffolk County Council Pension Fund has appointed State Street global custodian.
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