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.
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