UK - Falkirk Council Pension Fund has tendered a £120m contract for diversified fixed income assets, which the fund said it hoped to award by the end of the year.
The money for the mandate will come from the consolidation of two current contracts: an active bond mandate held by Schroders and a passive bond mandate held by BGI.
Alastair Redpath, treasury manager of the £850m pension fund, said that there was "nothing sinister" in the reshuffle of its bond portfolios and that both companies were invited to apply for the mandate, which would be an active one.
The move is the last step in a process of diversification that began two or three years ago and which Redpath described as following a "chosen specialist route".
He stated that the fund had sought to award mandates through the careful selection of different specialist managers, when it "became clear that there are not many multi-asset managers around that can deliver across all asset classes at any one time".
Falkirk dropped Henderson Global Investors as a manager last year.
When the current tender has been awarded, the asset allocation of the Falkirk Council Pension Fund will stand as follows: 35% UK equities; 35% overseas equities; 5% private equity; 12% UK bonds; 3% index-linked and 10% property.
The current investment managers of the fund - excluding the aforementioned bond managers - are: Capital International (global equities); Newton (global equities); Schroders (UK equities and property); Standard Life (private equity) and Wiltshire (private equity).
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