UK - The £330m (US$660m) London Borough of Kingston upon Thames pension fund has tendered for a transition manager.
Millar said: "We're appointing a transition manager for best practice - to reduce market exposure.
"Although the fund's portfolio is not all that big, we might not be able to transition our assets properly and that might affect the market. Using a professional would minimise our exposure to the market."
He said the fund was aware of the T-Charter, a code of conduct for the transition management industry, and hoped a potential manger would follow its principles:
Millar said: "It's an example of best practice and governance. We would expect a transition manager to adhere to that."
As Global Pensions has previously reported (globalpensions.com : 10 July), Kingston recently tendered for a new custodian.
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